This appears to be a normal cloak.

This item appears to be a normal cloak, but when worn by a character its magical properties distort and warp light waves. This displacement works similar to the displacement spell except that it only grants a 20% miss chance on attacks against the wearer. It functions continually.

Prerequisites: Craft Wondrous Item, displacement.
Cost to Create: 12,000 gp, 960 XP, 24 days.