Cloak of Shadows

[thejeff]

Yeah, I've never bought the allowing a SC stealth will break the game argument.

If an SC is capable of taking armies, why waste his time assassinating (most likely, since the target is random) cheap mages and commanders.

Though, I'd prefer the cloak not give anything other than stealth. That would mean, with a cloak and the black heart, you've got 2 less slots to give your assassin defenses with.
Giving ethereal and cold resistance makes it a decent item even without the stealth.