What faction rank do you need for these?
Does anyone have one?
Can you only wear it if you are only wearing legendary gear? (seems like a real waste of an exotic slot)

Are they just a gimic exotic or do they significantly improve faction gains vs they're legendary brothers?

I've never seen an exotic cloak.

http://www.destinygamewiki.com/wiki/Chaos_Cloak

http://www.destinygamewiki.com/wiki/Cloak_of_Oblivion

http://www.destinygamewiki.com/wiki/Cloak_of_the_Rising

My post got marked as spam because I only linked the URL.

Look here though, under exotic
http://www.destinygamewiki.com/wiki/Hunter_Cloak

My post got marked as spam because I only linked the URL.

Look here though, under exotic
http://www.destinygamewiki.com/wiki/Hunter_Cloak

Cool, but I have never seen any of these in-game at all. So, how do the become accessible? The info there states that "[Exotic Cloak] can be obtained by purchasing it from the [Faction] Vendor if you have sufficient Rank with the [Faction]."

They are probably hold-overs in the database from when Factions weren't all pointless re-skins, just like the fact that every faction has weapons in every class, or armor shaders that you get through sheer random luck now instead of earning them.

I hope this isn't true or atleast, hope bungie bring out some new faction cloaks