Basically, a transparent, aluminum-based compound performs better than typical armored glass in terms of weight, durability, and protective capability.
Speaking as someone who spent the last year hauling supplies across Iraq, I think this is great news. Even though most of our trucks have makeshift armor on them by now, they still have huge windshields and side windows that could be easily exploited by a good shooter from an elevated position. (I can think of a SGT in my unit who can personally attest to that; an AK round bounced off his Kevlar during an ambush. Were he a few inches taller...) I can see this technology saving many, many lives. Hopefully, once this stuff is ready for mass-production, they'll produce enough for everyone -- even us reservists doing supply missions.