Have you checked the floor ? Maybe your inventory was full when he gave you the item... Anyway, that thing of the missing link sounds like a bug or something.
He might give you one of 2 or 3 different items... one of them is that cloak... you say its not a great item ?!?!?!?
SPOILER
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- +3 to AC and +2 to saving throws is not good for you ?? IMHO, its the best cloack you can find through the whole game. Just my opinion though.
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"TEEHEE !!!!" -
The Mighty CloudQueen, to Ertai