Since the original posting was asking for opinions, here's mine:
It is overpowered! The thing too is, it gets pretty addictive to have. Got that in the S City on my first run-through of the game and found it cool. In my next runthrough of SoA, I couldn't keep myself from looking forward to having it again and that thing got me into cheating a bit (a previous NO-NO for me). Damn!
Funny thing, why has my Cloak of reflection turned into a ball/sphere effect on my character when I installed ToB? Is this a bug? I don't very much like the effect as you can't see your actual character pretty much (and the visual effect is also irritating). In SoA, the cloak effect was something like what the Sheild of Reflection offers (a circular ground effect). Just commenting, 's all!
Note: By the way, what's the protocol in this board? Should the poster indicate in the subject itself that the posting is a spoiler or just in the body of the text itself?

Wouldn't want to "walk into" a spoiler like what happened to Barb.