Hardworking researchers at the University of Texas have made progress in developing an invisibility cloak. During an experiment, physicists covered a small cylinder with a super-thin material, constructed from copper tape and polycarbonate, and dubbed "Mantle Cloak" in the report, which made the cylinder invisible to microwaves.
Currently, it only shields practically-sized objects from microwaves, but you can bet that the DoD is paying attention, as microwaves are what radar devices use. The scientists say that currently, the material can only make very small objects, which are already too small to see, invisible to the spectrum that the naked eye uses. Still, UT researchers believe that this is a serious first step in creating sci-fi quality camouflage and cloaking technology.
So far, other invisibility technologies require hulking and impractical machines. That is, unless you count this small Canadian company, that claims to have discovered a revolutionary material akin to that seen in Harry Potter's invisibility cloak.
This 2009 video demonstrates a Duke University technology that uses a complex system of cameras to achieve an effect similar to that of the University of Texas material.
To be sure, whoever figures out how to make a practical, cost effective invisibility technology, will have quiete a boon on their hands. With so much at stake, researchers all over the world are working around the clock to produce just that.