In SR 3 you could get just about anythign "Ruthineuim-ed" and I think this is the same basic technology with a different name, and less versitile application.
I'd say you could get the suit as eitehr a form-fitting-body-suit or as the draped poncho... the former being nice for concealing the suit itself, while the later is nice for concealing items while you're moving around. (if you're wearing an chameleoning FFBS, and holding a gun - the gun is not hidden at all).
As for the armor value - I don't see a poncho as providing that much armor... but since you could wear anything you wanted under the poncho, maybe it evens out.