I've seen a few videos of this in action. They've also applied the cloaking onto other things such as Balls and cubes. It seems to work pretty well, but there are few things that could still use work. As far as I know, special lighting is needed... anyhows, its a crazy concept, but I'm sure that our governments have developed something similar years before this.
According to Upcomingmovies.com, they filmed a few scenes for Austin PowersIII at the Osbournes' mansion. I guess that means that the Osbournes could be the latest in a list of celebrity cameos for "Goldmember".