The cloak can be quite useful, especially if enemies are invisible and you have a party member who is invisible (wearing the cloak) so you can dispel their invisibility, but still have yours.
I don't think there's anything special about the tasloi who stole it. If you stick to the southern boundary of the map, you'll run into them soon enough.
Cheers,
Moiraine Sedai
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~The wheel weaves as the wheel wills~
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