Is it me or is this something new from Flycam? I don't remember seeing something exactly like this before in their product line. It's a new body vest support for those Flycam DSLR Stabilizers. It doesn't look like your typical spring loaded isoelastic stabilizer arm, so it may not be used for walking or running shots. It looks like it's just a system to help carry the weight, like the Body Pod system available from Glidecam (found here) - only it looks better.
(Above) Typical 'Body Pod' type stabilizer support
The new Flycam Body Vest / Stabilizer Arm can be adjusted up/down, left/right, and angled in just about any fashion you can think of. The different joints in the arm can be locked in place, but I wonder if it can still be used and redirect some of that weight if it's left fairly loose.
So far it's only available as a combo with a Flycam, but it doesn't look extremely complicated if it's a DIY build you're looking to tackle. Found below (click here)
Flycam DSLR Nano Body Vest Stabilizer