I never got around to getting Tony's MOS cape, so that's why I'm interested in getting a parted out cape. It's bound to be cheaper and as you said, looks almost as good. The way it drapes and folds is fantastic. The MOS stock cape is bad, it flares out like bell bottoms lol.
Yeah. It's pretty bad. If you do the collar mod, the cape can look okay, but not as standard. I have a material i bought that almost the same as the stuff Tony uses. I have used it for some custom capes for figures.
Also, here are some comparison images between the HT and Tony's MOS cape: