No, this will not give you a true bullet impact-force simulation.
One reviewer said "I would most readily compare the sensation to being lightly-to-moderately poked..."
I've read that the system can produce 25psi of force, but that might be at the compressor and not the vest. A review of the pink "women's" model said 5 lbs of impact force, but didn't specify how much area that covered. Either way, if you have any amount of meat on your bones, this thing won't hurt you.
There are also a helmet and limb devices, called "eXTremities." I read that they are also working on console support.
On a side note, I find it funny to read an average computer nerd's review of a "tactical" simulation device. Most tend to compare it to the real deal, without actually having any knowledge of it

.