Its nice to see some of these designs again, I last saw them in the early prototype or design stage three years ago - since I hadn't heard anything, I assumed the projects had been dropped/failed.
If the liquid plates work like they were supposed to, (and the previous prototypes did) they can indeed take futher rounds after the initial hit - but - only a certain ammount. IRRC, the prototypes could withstand a few NATO 7.62mm rounds (I think about 10) before they broke.
The other version (they were working on two models) was more a sort of 'armour lock up' system, in that if the round penetrated the armour, the plates would lock up, around the person, stopping them from moving (too much) and stopping them from causing damage to themselves by thrashing around.
Dragon skin is nice, but has a few flaws - ignoring the astronomical cost it would take to equip just a company of troops with it, the main flaw is the human body it's self. The human body can only take so much force before it simply gives up - after a certain ammount of force is exerted upon the human body, a person dies. They may only have a slight bruise on them - their dragon skin has protected them externally - but interally, the force of the explosion/bullet has impacted with such force and speed that all their organs have liquified. The armour will only protect them so much, and whilst it's nice to see them test the armour with a dummy in it - I'd like to seem them test it like mythbusters/deadliest warrior, with a human-like test subject (gell model with 'organs' inside, or a dead pig) to see what it really does.
I wouldn't trust all of what future weapons says. For instance, they once proclaimed that a new support weapon that was possibly going to replace the M249 (can't remember the name, but its effectivly the new L86 LSW/AUG HBAR/ BAR) was the best support weapon ever designed. It's useless. Like the LSW & HBAR, it only works from 30 round mags. Unlike the M249 - which can do this - the new design cannot take belts/box mags. The mags are not STANAGs, so it cannot use squadmates ammunition anyway, thus reducing the point of having it mag-only fed. The RoF is too high to be of use - you get through the entire 30round mag far to quickly. It's not reliable or accurate enough to be used as an improvised DMR (like the L86).