Looks the same as normal sweater vest and worse stats. Does it actually help with anything?

Aside from looking studly?

I think it has one charisma instead of two but it has damage and energy resistance. Look at the other stats. It's because it's made with ballistic weave. If you got this item as a reward you have now unlocked ballistic weave to give energy and damage resistance to some pieces of clothing. You can upgrade them up to 110 for both energy and damage resistance if you have the four armorer perks. It's basically armor but with clothes.

http://fallout.wikia.com/wiki/Ballistic_weave

Upgrade it.

It allows old comedians to commit stealth crimes.