CNN.com reports: "Invisibility has long been a fantastical ability exclusively enjoyed by teenage wizards, super heroes and the ultra-advanced civilisations of science fiction. ... But more pragmatic-minded scientists and engineers now believe that invisibility-enabling technology may be within reach of lesser mortals as well."
Arthur C. Clarke was quoted as saying, 'Any sufficiently advanced technology is indistinguishable from magic.' If they get this technology to work the way its suppose too, it will almost seem like magic. I don't consider bending light waves around an object to just be an everyday event (at least not yet).
The military and law enforcement applications for this technology are incredible. Although, there will be only one privacy issue, there will be no privacy left. Think about this, someone or something can be planted where you are and you won't know its there unless you happen to bump into it or find it.