Since ML is the real beginning of magic in the game, and considering the heights (and potentially lethal falls) that are in the ML) I go not see it OP, but a logical progression of the capes. Also add in the sometimes comical results of getting knocked back while wearing one, it seems to have a good balance of advantages/disadvantages. Am I the only one who gets into a serious fight wearing one and think the old kung fu movies that were over the top with wire work?
The one thing I wish were added to the capes is wet resistance. I mean even cave men seemed to have capes or cloaks to keep the rain off of them.