Well, since we were talking about standard silk, that was what I was referring to, but I am sure that it would be stronger than Jello as well.
If Kim's statements about the cost to produce the silk being similar to that of standard silk with properties superior to it, I don't see how using KBLB's silk would not be an upgrade.
I was being facetious with both of those examples. The self propulsion system would obviously make it a missile. To achieve terminal velocity with a bullet, it would have to be fired from a great height such as a mountain or hot air balloon or straight up in the air, but it would not achieve terminal velocity in that case unless it were going faster than it at the point it were leaving the barrel. A bullet fired parallel to the earth does not speed up mid flight.
It could protect from those bullets falling at terminal velocity.