Saw it on The Gadget Show.
It's an interesting concept. But, can't see it's suited to cyclists.
It appears to come with a 'cargo bag' (wossdatden?) for putting your items in when you nee to convert back to a jacket - which begs the question - why bother? Why not just wear a normal jacket, and a bag?
I'll stick with my Camelback + Pac-light.