I'm a hunter with the bladedancer class and I love the invisibility perks. My only problem is it only works with the programmed enemies. Its nearly useless against players in the crucible. Yes it would be cheap if hunters could just go invisible like that but for the brief time its allowed I think it'd be fair. We get like what, 10 seconds? I'd at least want to actually be invisible.
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I think it works great for people who aren't aware. For those that play the Crucible daily and know of these smoke and mirror tricks...they have no problem spotting you. I have a problem with it in PvE though, I don't like how the enemy follows you after being punched, or stare at you...it's creepy.