I think this a flower sheath. I've never had a cattleya large enough to bloom, so I'm not exactly sure. (The one I had before died on me well before it was old enough to set flower.) If it is, I'll have two flower spikes on this plant. Which probably means two flowers. Which doesn't sound like much except for the fact that many hybrid cattleya flowers are big. Really big.
But, as you can see, the sheath is empty. No flower in it. Yet. Here's hoping it decides to make a flower. Apparently cattleyas pretty much do whatever the heck they want with regards to progression of setting flowers; there are so many hybrids from so many different parents that there's often no idea how to know just how this or that specific cattleya is going to go about putting out its flower.
Orchids have so much personality.