I personally would use it if it would provide the 3 points health bonus.

Far more useful is the 'Infiltrator Suit mod'

Originally posted by Element UK:

Far more useful is the 'Infiltrator Suit mod'

Which is something else entirely. It does not change the fact of the chameleon suit not being balanced right now.

@Element UK
I gather you do not use the chameleon suit then?

Well, did say it already elsewhere, I would use it if it would not use an equipment slot. Perhaps it would make sense to have an own slot only for this sort of armour (all "jackets").
Or if the bonus to Infiltration timer would be much, much bigger.
Or if it would provide an additional bonus, but well, not hitpoints ... pls.
Perhaps better camouflage so you dont get detected such easy.

And in general I think Firaxis (not Pavonis) did design the equipment(slots) very bad.
And I know why.
Cause they were not willing to do it better, they seem nowadays not to be willing or able to do anything well except of graphics. They even are not willing to fix bugs anymore, and we idiots with joy pay them for useless crap DLC´s.
In older Xcom Titles you had a large inventory and it was possible and did make sense to carry diffrent types of ammo,equip and other goodies, it was even necessarry to do that in a good way to win a game.
This did add a wide variety of tactical options even within one Soldier class.
But that would have been additional work and much harder to balance (what they did bad anyways too, even so they did it in this laughable, castratetd way)... that would have made even more necessarry a good AI, which Firaxis isnt able to prog anymore too ... that would have given the game tactical depth without massive use of RNG, but doing it this ♥♥♥♥♥♥ way is also much more easy ... and it works, so why not ripp off ppl if they dont complain.
You cant expect good games anymore nowadays from not Indie Devs.
Cause the established ones need to much time to drive their Ferraris and prog the next overpriced cosmetical DLC, which they can use to buy another Ferrrari!
But only our fault, I already did tell it, we are idiots!

Nobody else wants to offer an opinion? Sad.

Well, chameleon suits are worth it, if you have a mission with little time to infiltrate but really want to do it. It can make the difference between 1 or 2 activity levels, which can mean 1 or even 2 less pods, which makes a mission doable with a stealth squad.
But they are kinda weak and very situational. If they had at least some armor or a much higher bonus on infiltration time...