don't hold your breath, peeping Toms...

I doubt it will ever produce true invisibilty at close range- the distortion will be apparent, which will effectively reveal the position, at least, of the user.
I've heard some experts say that the look of this effect is very similar to what you see in that "Predator" movie... in the movie, of course, they made it look that way so you could tell where the alien was while accepting that he was invisible... but in RL this level of "invisibilty" wouldn't be very useful, except maybe at fairly long distances against a cluttered background.
It'd be like carrying your own "heat shimmer" around with you... in some cases, it'd make you stick out like a sore thumb.

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