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?
As an avid cloak lover, I can attest that the reasons others state about practicality are pretty much spot on. That said, my 3/4 round wool cloak with a cotton liner is the warmest and coziest winter garment I have ever owned. I have three of them, and a lighter blue velvet one for dressy occasions in spring/fall.
Getting into a car with a big cloak though is tougher than with a normal coat. Once you get the hang of it, it’s not a problem, but it does take some practice! I do love my cloaks and I would love to see them make a comeback though!