Thats pretty much it. For example, and I'm only thinking Gold: - Achillie's ocular implants, you get a DragonBall-z esq battle visor. - AmmoMule, you get that kick-*** AmmoMule extended magazine like in the commercial. - Renergreat can be a huge tube on your back full of waffles. - Metabolighting can be tubes of glowing yellow goo, flowing through your legs. The possibilities are endless, if the developers are creative enough. I have no doubts about that.
Now I want there to be a protag for getting a killstreak with the Ocular Implants called It's OVER NINE THOUSSAAANNNDDDD! But yeah, that's an awesome idea that will also help players know whether the opposing Gunner got GobiNumb to survive Assasin grapples or Total Recoil to kill you as soon as they look at you.
Naahhhh... Letting people know what you're sporting ruins the game.. It's no fun if you know what everyone has.
Plenty of other games let you know what people have. And considering it fits more in line with the theme of the game, I can't help but say that I would love it.