I understand that modern outer layers are more functional. A leather jacket, for example, can be dressed up or down so as to be worn in a variety of situations. It is also better at keeping you warm.
However, I think capes/cloaks are more aesthetically pleasing garments. It also feels good to have the fabric flowing around you as you walk. But what do you think?
Practicality of stuff like jackets aside, I feel like they'd be dangerous to wear because they'd get caught up in all sorts of stuff. They'd also get dirty pretty quickly.