Beltloop,
By the rules of physics, the shooter receives more of the bullet's energy than the victim. So if the vest can spread the energy out to a similar amount of area as the buttstock of the rifle that the bullet is shot from, then it stands to reason that the round can be more than safely stopped. Try shooting a bolt action in .50BMG with no muzzle break. It's unpleasant as all hell, but it's manageable.
As for the Barry Bonds example, I'd take you up on that. I have a vest of chainmail that I made with a very special weave design, it flexes really well outward, but not much at all inward. So to demo it, I had a friend with a battle axe hit me full force in the gut. Barely felt it. Mind you, I tested the armor to see if it could take that without failing several times before I let someone do that to me, and I used someone I knew could swing accurately, but the demonstration was an eye opener to the crowds who have witnessed it because most people have Hollywood's ideas on physics stuck in their brain. If a bullet strikes you, overall, it has very little momentum, but it's effective because it has all it's momentum in a very small area.