Problem with that is that if it's based on cameras and projecting the background on the opposite side, it only works good when not moving. Second, all the cameras and projectors would be highly vulnerable to small arms fire. Third, it creates a significant ammount of heat close to the surface, so while it makes it very hard to see in the spectrum visible to the human eye, it will become easier to detect in other spectrums.
If it tries to use other methods, like actually bending light, the magnetic fields requiered won't allow any pilot or ground support troops within considderable distance due to health risks plus that it will cause every single piece of scrap iron to hurl towards it like missiles from hundreds of meters away and it would show up on all radars within range as a massive radar disturbance (all things vanish from radar miles around it) and radio transmissions will be impossible for miles around.
Any to Barak, yes, like the Space marine armour, though it will probably be less agile, less effective and smaller in real life, plus that it's main usage will be in building sweeps room-to-room.
