That's certainly the best cloaking effect since P2. It may look too visible in a closeup still image but sure it will look fine in motion. I'd always assumed the camouflage was more to give the Predator more of a slight advantage rather than make it too easy for him in terms of being almost impossible to spot.
I kind of wish the wrist blades were visible though. It was horrifying to see visible blades extend from an invisible creature right before it gutted Dillon.
Hopefully now we get the proper P1/P2 vision sound effects back too.