What you need to be able to do is make the pixels on the display (the jacket) transmit a different color for a different looking angle. That wouldn't be that hard to do, especially if the pixels are big. I mean, if you're pretty far away, it will be pretty hard to see you! This technology would be best used on vehicles, like a tank or something that's squared and/or doesn't have a lot of different surfaces. That way you wouldn't have to display as many different angles for your pixels. You would only have to worry much about the changing view horizontally, but not really so much vertically, especially if you're far away.
I honestly think this guy is going to try to take this pretty far. He can do stuff like what I mentioned above. He has experience in 3d virtual reality and calculating depth using multiple cameras: Real-time Rendering System of Human Figures from Arbitrary Viewpoints Using Multiple Cameras (a paper he co-authored). Here's a link to other stuff about him : http://www.star.t.u-tokyo.ac.jp/~tachi/
