Just to give this thread more than one viewpoint:
I have been doing re-enactment for many years now, so it should come as no surprise that I have a few cloaks about the house. And I very much like them.
There is a very good reason why cloaks have been in use pretty since the human species evolved to a point where we could make them. And the reason is that they work.
It was not limitations in skill, knowledge or technology that kept it around. Just look at the iron age in the cold north where I live. They had many forms of outerwear (even waterproof coats), but the cloak still played an important part. This was a time where making fabrics was very time consuming and tedious work, and required more resources than most would ever imagine. And still they preferred a garment that required more fabric to make than most other things.
That would not have been the case, if they did not do their job well.
The only thing that has really pushed it to the sideline, is fashion during the past 60 or so years. And that could be changing. I made a mink lined kashmir cloak (short - about waist length) for christmas and now it seems pretty much all her female friends want one as well. So who knows? maybe in a few years, they will make a comeback.
In any case. I don't wear any of mine, when I go to the store or things like that. As it has been said, that would make one stand out in a way that might not be desirable. I do however wear a cloak for some formal or galla events. What would often be called a "opera cloak". Although traditional, they are very rarely seen these days. Even so, I have never received anything but possitive comments on it. But formal attire wasn't really the subject I assume
I do often pack a full length wool cloak, when on overnight hikes in the colder months. In such cases, it replaces the wool blanket that I would otherwise pack. And it makes perfect sense. It is about the same size and weight as the blanket, does all the same things + more. It's near waterproof, warm even when soaking wet, won't burn when sitting around the fire and it can be used as a sleeping bag or to make shelter if need be (I have use mine as sleeping bags in sub zero conditions).
I also carry a poncho, so the cloak is not used for weather protection. Only the things that one might otherwise use a blanket for.
As for practicality. I can't really think of any task that I could not perform while wearing a cloak.
So while it might not be the perfect attire for everyday wear, it does still have it's uses.
And in a "fecal matter has hit the rotary oscillator" type scenario, I doubt there would be much in the way of dresscode. And should that happen, a cloak would absolutely be worth having, due to it's versatility.
Gear is a poor substitute for knowledge. And much heavier.