Our friends over at the newly remade Engadget get to have all the fun. In order to test a VestGuard UK iPad panel that purports to be bulletproof, they actually pulled out some bullets and guns. They snapped the case on a first-gen iPad, grabbed both a 9mm and a .357 Magnum, and got to shooting. Both firearms were fired at the case in a relatively straightforward way, with the iPad leaned up against some bales of hay, protective case facing the incoming bullet.
So did it work? You can see both bullets fired in the picture above, and the case did work: Neither bullet, even at such close ranges, made it through the case. So the good news is that yes indeed, this case could save your life. The bad news, as you can also see above, is that your iPad is toast no matter what it's wearing. Apple's Gorilla Glass touchscreen might be awesome, but it will easily break during any "ballistic events," as VestGuard UK calls a bullet hit.
The iPad case can be purchased for £49.99, or around $80, from the company. But as Engadget concludes, if you really want a significant amount of protection from any incoming projectiles, you'd probably be better off just wearing an actual vest.