There is a name for this, I believe it has something to do with the Queen of Hearts from Alice's Adventures in Wonderland, but I can't for the life of me recall it now.
The suit is nice, but it does have weaknesses, high powered rounds were mentioned, and those would work quite nicely. In the end, it would be better to have unmanned weapons systems dominate the battlefields, although they are expensive, and having UAVs fight each other would be a great waste of tax money.
However, when a country is dominant economically over their opponents, Unmanned weapons play a crucial role in that human lives (at least not this country's lives) are put at risk.
These suits would be useful in urban combat situations when you are not expecting a great display of force, as they will allow for an amount of intimidation value. Against a real military, such a suit's capabilities will be outstripped by the use of air dominance and superiority, not to mention tactical missiles.