We spoke of the Oilskin Cloak (which people remembered from beta, but with a different function). This is actually one of the graduation gifts that players will get when they reach level 12. Other possible gift: Cloak of Displacement, 500 Silver Arrows or a "Clear Robe" (still checking into the proper name of that last one).

The Cloak of Displacement is just a -1 AC cloak which weighs 10. No special properties are known about it, and given that it's a newbie gift, it is probably just a -1 AC cloak. It looks just like a Cloak of Protection, so already people are getting ripped off on the Korean Test server :(