I think the jacket is neat, But appropriate armor can do wonders too.
As far as an airbag on the bike itself - No way. If someone pulls out in front of me, I'm leaving that bike. I'll take my chances with the road / a tree / the ground before hanging out to see what happens when two sharp, grenading metal objects strike each other.
As far as the cruiser / sportbike thing, I ride a scooter as well, and lemme tell you, it's just as dangerous, if not MORE. When I'm riding down the road on my Vespa 200 I'm keeping up with traffic. When someone comes from a sideroad the first thing they "think" is "I'm not getting stuck behind this shitty scooter going 20 mph" and they ALWAYS pull out in front of me. Only they think I'm coming at them at 20 mph when in fact I'm doing 40 or more.
They dont' do that when I'm on a regular bike.