At least we can say for sure capes will be visible in the game
Honestly im more interested in if they have to be visible ... and not just capes, but helmets too (at last in converstations).
Personaly i hate 99% of capes in all games i ever played. :-/
And for helmet ... i dont like even a bit that i spend two hours in character creation, just to see his eyes trough visor.
On the other hand i would really hate to loose some sweet bonuses just to look better.