Kour, you can use the suit to look like gang colors, or stuffershack suit. You can paint whatever you like. The problem is that the real suit will have pockets, belts, other things, that will be painted on you (true with keeping all the light effect necessary for 3D perception).
The differnece is that when you want to be unnoticed, people see past you and omit small details (-4 to perception, when using the chanmelleon suit for invisibility). When they actually see you, and you move, they have higher chance for spotting the difference between normal suit and something you're wearing (-2 perception). That's not obvious to understand, and may give you another 3 seconds to react during their surpise (you can boost that effect with additional sensors along the above rules, just make half the rate you'll get for imitating clothes).