It's too long, which seems to be an issue with a lot of cloaks:
Glitches through the floor and through your sparrow, and I don't have a shader that goes super-well with it.
My biggest reason to not use it is that everyone has it, so it's not at all special.
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Well yeah but there's a lot of glitches with armor in destiny. But personal preference I guess. Doesn't bug me much.