Despite all similarities the suit won't give the ability to fly.
The project called Tactical Assault Light Operator Suit brought together great minds from the U.S. Army Research, Development and Engineering Command, MIT, and from other academic institutions and businesses. Over 13 universities, 10 national labs, 56 corporations, 16 government agencies are involved in development. This suit is supposed to provide a solution to some of the biggest downsides other similar prototypes had and this includes the big battery weight issue. A working suit could be delivered as early as June this year.
According to officials the suit will provide liquid armor, air, oxygen and heat supply, bullet protection and will be equipped with multiple cameras and sensors that will ensure the person who wears it is continuously monitored. Besides having night vision capability the suit will be able to spot injuries and prevent bleeding by applying a foam that would seal the wound. There are also many speculations regarding what will the TALOS systems include in the near future. The suit that will provide a great advantage to special operations forces could be seen in the near future in other fields as well. For now the real life 'Iron-Man' suit's purpose is mainly for defence.