On more than one occasion cops have waved me through at road blocks where all other cars got stopped. Coincidentally I happened to be wearing the stuff on hte way home from work. Other guys wear their ramp jackets (green ones) for the same perk, especially after a few in the pub after work.
The way I see it, it's no big deal. I wear it in the same spirit a lawyer wears a tie. That's the attire of the profession. Certainly not worth FIVE pages of replies? (including mine)