I would want them to be enchantable.

I picked armor rating and enchantable, but now that I think about it, just enchantable. I want as many clothing options as possible, as well as be able to wear some type of clothing over armor. Maybe furs and such over pauldrons or chest pieces. Anything to give your character a distinctive look.

It's early yet!
On the dawn of the eleventh month, on the eleventh day-- look to the East.
Gandalf will ride down a massive hill and hand you his flowing elven cloak, personally.

I want to be able to enchant them but I don't think they should have an armour rating. A cape isn't going to do much good against a burly Orc's battleaxe.

You rang?

It would add Soooooooooooo much to the immersion if they could incorporate some decent cloth physics to cloaks an capes. even if the underlying clothing has none. to see a your cloak whipping around in the high winds as you stand atop the throat of the world gazing heroically over the landscape, foot atop the head of a slain dragon.