I have to say I was ready to slag it off, but found myself saying "Thats not a bad idea" However, I tend to echo a couple of the above comments. Things that are made to be multi function generally do an okay job at them, but not a great job at them. Of course this can change if they are extremely well designed and made with high quality materials, but as this area goes up so does price which would lower the "me wanna one now" factor.
To me for that to be any good, I'd look at each of the fuctions seperatly and ask myself:
- Does it do what it says on the tin?
- Is it of a sufficiently high quaility?
- Is it something that I would actually use?
- do I have anything just now that I would use instead?
The Jacket.
Can't say if it will work, as I don't know what it's made of, how it feels etc. However it looks a bit boring to me. The blue side is at best okay, the brown side is hideous. The folds at the back make it look very very odd. Would
I use this jacket? No, it's not my sort of thing.
The Bag.
Again, without actually getting my mitts on it, very hard to say, but would depend on how much room it has, and how useful it could be. As it is, if I'm wearing the jacket and have things to carry, they'd be in a bag already, and if not, what do I do with them if it starts to rain? As you can see, a bit of a problem.
The Bivi.
As an emergency shelter this has merit. If it's wind proof and water proof it could be a potential life saver. As long as it can stand up to the wind and rain of course. Time / how easy in getting the bag or Jacket into bivi mode would have to be the biggest deciding factors in this though
In conclusion, I would not buy this jacket, the bag function seems slightly redundant to me, however the bivi aspect has great potential. The brown side is ugly, blue side far too plain. However I do like the idea behind it, I think with some more thinking and tweeking of design you should have something there (Assuming it's your design

)
Cheers,