Yeah, the claims are pretty pie-in the sky don't you think? What kind of material has physical properties that could be applied to a supesonic aircraft that flies at 50,000 ft and the hull of a submarine that cruises 400m below the surface and can also fold up neatly to fit an airman's survival pack?
Found out what it was. Look up "Metamaterials." Up until recently they were only theorised. While the material applied to an aicraft wouldn't be the same material in a camoflage blanket a soldier would use, the concepts and theories behind the applications is the same. It's just a matter of finding an appropriate material and structure for each application.
Also, the pictures don't accurately portray the effect of the material. In order for this to work, whatever object you are trying to hide would need to be fully enveloped in the material. What it does is take the light shined on it from one direction, and effectively "moves" it to the opposite side. Same concept as fiber-optics, but instead of 1 dimension of application, it's 3 dimensional.
Potential issues - Unless it is made porous there would be no way to see in or out of it, but the more porous it is, the less effective it is, because there is less surface area to both take light in, and let light out.