I loved this gadget since it first came out; but was a bit disappointed that it used old, low-tech, energy-intensive technology. For example by using active-power consuming, light-generating diodes, the power consumption would be high, and the 'cloack' would heat up after a while; a bad way to use as cover for an assassin for instance. But it's a start.
A preditiction into the future: Using mostly passive technology by using new material with structural-physical properties reacting to light in a selective manner, a cool 'invisible cloak' could be made in the future. One could wrap oneself around in 'stealth bandages' and stand guard against terrorist attacks.