Boone's 1st Recon survival armor is fitted with extra features and storage designed to help a sniper and his comrades survive the harsh desert environment. It does not count against his carrying capacity. This armor represents his desire to continue living in the Wasteland for the sake of a greater good, even if the Wasteland continues to treat him harshly. It provides a Damage Threshold of 15 and can be repaired with NCR trooper armor.
It looks like a slightly different skinned version of the NCR bandoleer armor.
The unit insignia for 1st Recon on the left arm of the uniform is a mirror image of the insignia on his right arm, making it appear reversed.
Because his quest is complicated to trigger, this armor is difficult to get before superior armor, like Combat armor, reinforced mark 2, becomes available. This makes it useful only to increase his carrying capacity (while reducing his DT) rather than being a universal upgrade, like ED-E's quest armor upgrade.
The back of the Fallout: New Vegas game case shows a character wearing this armor; however, the person wearing the armor is clearly not Boone.