Amazing and somewhat frightening — imagine looking directly at something and being completely unaware that there’s something taking place between yourself and that object that you’re unable to see.
A few problems:
1) It seems to require pretty precise angles, since if the person you’re trying to block moves in one direction or another, they’re going to be able to see around the redirected light waves.
2) It’s not going to block sound or odor or other similar things that will give away your presence.
3) In order to cloak something large enough, you’d have to bend the light extremely far around it, resulting in visual aberrations (e.g. a particular portion of space appearing “out of sync” with everything around it because the light waves have traveled farther.)
Great fodder for sci-fi stories, in any event. We’re always nearly living in the future.