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There are lots of complicated issues with it such as where to place the microphone. If inside the car, you would never hear the stereo (perhaps a good thing with the bose), assuming it worked perfectly you would not hear police cars, fire trucks and anything else you might need to hear.
Also, each component in the system would introduce some error, the more components there are, the more this gets compounded the poorer the overall effect of the system.
If you try out the phones, they cut down a lot of the harsh noise, but don't acutally cancel it completely. Still pretty good though.