I don't do much of my gear shopping on the fashion circuit, but judging by this "Wearable Shelter" designed by a group of Philadelphia students--Jin Hong, Sebastian Brauer, and Jackie Starker, perhaps it's time to keep an eye out. The product is a jacket that transforms into a waterproof tent and it recently took an award at that So Re Fa eco-fashion show. It was designed for use in post-disaster scenarios, but such a design could be quite useful in the outdoors.
While its construction from old thrift-store sleeping bags, exercise clothes and performance jackets--not to mention it's ridiculously awkward fit-- doesn't instill much confidence in wilderness performance, it is certainly an interesting starting point. I prefer the Vessel concept a bit more, though.