The TALOS program has often been described as developing an Iron Man suit for special ops teams, but a better analogy might be the powered armor in Robert Heinlein's novel Starship Troopers. Among the advanced capabilities of interest to the TALOS development effort are advanced armor, improved strength and stamina, thermal management of the soldier, efficient power systems, and integrated medical monitoring/treatment system. At present, there are no plans to include flight capability.
The announcement is quite unusual in that it has no set-asides or cost-sharing requirements. Grants made for research and development will be for a period of less than one year, and projects requiring in excess of $2 million for that period will require serious justification. White papers submitted in response to the announcement will be evaluated on a quarterly basis. The total budget available has not been announced.