Dem + Border are right -- the only thing this invention does is showcase the reflective properties of the coated material. Once you watch the videos of the object displaying everything behind the object minus the person holding the object, you'll come to realize that even if they used nanobots that displayed the rear imagery in the front, there'd be no way to optically store and output data that doesn't exist (from the viewpoint of the camo-ed object).
If you look at the diagram posted before the movie links, you'll see that there is a projector shooting the image onto a mirror that reflects that image back to the "retroreflective" object.