Cool idea, but... does it have armor? Doesn't look like it. Also (and I realize it's a prototype) it fits like a tent.
Always dress for the crash. What will that jacket do in a crash?
Move around, that's what. Allow the armor (if it's there) to slide out of place.
Make it of material that will hold up in a crash (leather, please).
Give it proper armor (CE in shoulders, elbows and fercryinoutloud BACK).
Make it so that it fits close, like protective gear should.
Make it so that it vents well.
Note that I'm a safety-first guy, which is why I've survived 27 years of riding without getting hurt. I wear full leathers, gauntlets and riding boots all the time, with a CE level 2 back protector in my jacket. First priority for me is protection. Second is comfort. Carrying my helmet is way down the list and style barely even registers.
And oh by the way, if I have junk to carry around I'll just wear a freakin' backpack.
So yeah, nifty... but it doesn't do a single thing that I'm not already doing.
For those times when I need to carry stuff unexpectedly (e.g. grocery runs), I have this amazing backpack from http://www.treklightgear.com
that stuffs down to the size of your fist and can (they say) carry a lot of weight. So far it's happily swallowed everything I've put in it. I keep it in my tail compartment, jammed into odd nooks and crannies. So I've always got it with me and there are no compromises.