I have a Carradice like the second one you linked to. My opinion is that it was a little overpriced, and it's pretty bulky to pack compared to anything made of nylon, but I have found that the heavy fabric works very well for a cape. It doesn't flap, and it doesn't stick to my arms with condensation. It does get condensation, but it seems more comfortable despite that than any jacket I've worn. This is likely true of any cape, but I was surprised to see how dry it kept my upper legs. They aren't covered by the cape, but they're in its shadow. I tend to ride with the hood tucked down inside and rely on a helmet cover to keep the water mostly off my neck.