This thing is great. Sure, you lose something like 3.5 levels of evasion (as PLD), but you get 2 VIT and some good defense from your back slot. I don't really miss the evasion, but when I hit 45 I'm going to have +40 VIT, which blows everything else right out of the water.
Goooo VIT! ^^
I had to buy the +1 for 300k from one of the previous owners. Best cape I could ask for until Knightly Mantle.
This is usefull for Countering. If you cant be hit, you cant counter. Same thing goes for Gaurd, Parry, etc. Not always needed, but if you run the chance of occasional tanking it helps a little. I use this when I farm or try to get Gaurd skill up. Other than that, it isnt the best back armor to have.