As I mentioned in my post about augmented reality display tech, pico projectors have impressive capabilities. And they keep getting smaller:
prototype pico projector that is ridiculously tiny. It uses an array of 45 microscopic lenses, each driven by their own LCD, to stitch together an image that is both brighter and higher resolution than most pico projectors on the market.
The light source for the projector isn't included in the above image and would likely be the bulkiest component of the fully assembled device. However, the light source needn't be located directly behind this tiny module. A wearable system built into a shirt might place the LED lamps in an out-of-the-way location, like the small of the back. Fiber optics woven into the fabric would then direct the light to tiny modules like the one above, located on the shoulders or chest. The system could be flexible, lightweight, and nearly invisible.
A system like this could also be built into accessories, like belts. Bring on the projector pants!