If this stuff does what it says on the tin, then we could be looking at a whole new way of doing things. I believe that it will be available to the public in some kind of spray on form, at some point ... just think, all those things that aren't waterproof, will be

http://www.neverwet.com/

Looks Good for luggage and hats and maybe even coating your bike in, but it's not going to be breathable is it ?

That look pretty impressive..... surely it would work like the current coatings on breathable fabrics Jack - be brill.
It would be really good on any non-breathable tent/tarp fabric. I missed what state of development this is in and what the current appications are (other than a year under sea!).
That would be excellent on winter climbing ropes - never freeze into a 50m length of wire again!

but it's not going to be breathable is it ?

I read that it doesn't effect a materials ability to breath ... we'll see