Adjust the red phase of your RGB output in your Catalyst Control Center (AMD) or Nvidia Control Panel up about 10-25 pts above the other values (leave these at defaults).
Watch "cloaked" enemies stick out like sore thumbs thanks to the "translucent" color palette so-called "cloak" has been given.
Let the fun ensue.
EDIT: Allow me to clarify: You have to adjust the red channel of your RGB output for your monitor. Once that's been tweaked up, "cloaked" players glow like roman candles. It's quite ridiculous, actually. Just gone done testing it. It still works like a charm. Though, with the new AMD drivers, this means tweaking the color kelvins and the color balance so that the reds are slightly brighter (more tweaking required than adjusting per channel). But, yeah, it works.
Hopefully, Crytek will check this, realize their folly and fix it poste haste and remove the idiotic color shading from cloak so this junk stops happening.