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?
First we'd need to ask what could a cloak or cape provide for the modern man that jackets and coats don't already do while giving the wearer free movement of their arms?
The cape's association with wealth and nobility is also hurt by the fact that the upperclasses these days are more interested in appropriating the style of lower class people (I.e. pre-distressed jeans) to try and appear as more down to earth.
The pre-distressed jeans are such an irritating trend to me. I'd rather see apparel get more durable, rather than making it so that it's nearly worn out already. For a while there was a trend of making selvedge-edge jeans with 14oz raw denim that you had to spend a month or more breaking in; I'd like to see that trend come back, since those jeans lasted for years of daily use (just, don't machine wash them!), and you got wear patterns specific to the individual that owns them.