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According to Ulf Leonhardt, a visiting professor at the National University of Singapore invisibility cloaks could (and may already be) a reality today, based on how much money an organization wanted to throw at creating one:

Invisibility cloaks are "feasible now," new study author Leonhardt said. "That's the bottom line."

So are there top secret cloaked agents running about somewhere across enemy lines or in super-secret research labs? We honestly wouldn't be surprised - we think by the time new developments like this reach public awareness they've already been created and in use for some time. Take our opinion with a grain of salt - we also think that the entire solar system is heating up and the sun is to blame for global warming, and that the town of Eureka is probably a real place too.

Invisibility Cloak "Feasible Now"