I've made a screenshot below of my Hero equipment interface, and just like I remembered in BWE1, there is a "Back" slot with a placeholder watermark with the shape of a cloak. (Pointed with the red arrow). Personally, having a cloak (especially full-length cloak) looks awesome to me. It'll be even better if I could have my guild emblem printed on the cloak as well as the armor through the Guild Armorer vendor.
But I do understand there are some clipping issues when it comes to cloaks in game, and this may be a major turn off to Immersion players like Vayne or others. But if the engine's physics is properly programmed, there shouldn't be any clipping issues if the cloak are programmed to flow with the wind, character movement, moved properly when sitting/sleeping, and most importantly.... properly scaled based on your race, height, and body type.
Of course, as an added precaution, it would be nice to have Hide/Unhide option for the cloak similar to the way the headgear and shoulders could. Come to think of it, it would be nice to have ALL the equipment to be able to set show/hide the individual pieces. There are some armor parts that are better left hidden than shown.