At first glance, I thought the main benefit of the Cloak Bag would be protection or ease-of-use. While it promotes both, it was developed for a different reason: concealment.
The Cloak Bag is after what sounds like a niche market, making it so that photographers can shoot without exposing their camera. "Almost every time I pulled out my new SLR in public, my Argentine friends would quickly advise me to put it back in its bag to avoid my being robbed," the story on the Cloak Bag website reads. With the Cloak, you don't let on that you're wielding a super fancy camera, though holding a bag up to your face doesn't sound very conspicuous. Either way, it doesn't carry a niche price, weighing it at a reasonable $50.
Check out more of the Cloak Bag in the gallery below. You can also see a video explaining how the bag works here.