It is interesting, but I will point out that it has only stopped hand gun bullets so far. Hand gun bullets are of low velocity and very low cross sectional density. There are plenty of cheaper and easier to carry methods of stopping bullets. Kevlar vests do that without any non-Newtonian fluid.
I am having a hard time seeing the advantage in performance or logistics that this idea has when compared to a standard Kevlar vest. If it could stop actual rifle ammunition, it would be advantageous relative to the steel or ceramic level III and IV body plates. However, this can only stop pistol ammunition. This is a gimmick, in my opinion. USAF probably does not care about this technology. This was pursued, most likely because their PR/HR/Journalists thought that it would make a good story for their website.
As far as I can tell, this brings no actual demonstrable advantage over a standard Kevlar material. Most people are capable of combining materials that can stop 44 magnum bullets. There are lots of youtube videos of people making different types of body armor and stopping bullets that are actually good at barrier penetration (44 mag is one of the least capable rounds for defeating any sort of armor).
There have been a few experiments with non-Newtonian fluids for stopping bullets. The amount of fluid that would be needed to stop even small arms fire would be absurdly large. It might be easier to bring your own hill around on a pallet and hide behind that pile of dirt than it would be to use non-Newtonian fluids as armor against even a common civilian's 30-06 deer hunting rifle.
When it comes to cost vs. weight vs. actual protection that you get: This is 50 steps behind AR500 steel.