Ben, don't get me wrong, I think the cape is freaking awesome. I would love to have one. I honestly think the cape plus kilt would be better than a poncho. Especially in the wind. I just don't know if it's the right choice for a 9 day Sierra trip. A 4 day trip without rain forecasted? Definitely take it. But the weather forecast gets unreliable after 6 or so days. Maybe fewer.
You could take the cape, but also take the lightest jacket you have that you know will keep you dry and comfortable. Use the cape so you get experience with it in high altitude mountainous conditions, but have the other jacket in case the cape doesn't work out. I mean, will the weight really kill you? No, but the weather may. Just an option. (This is actually what I would probably do rather than trying to test it out on a walk around the block)
Anyway, Sorry to sound so doom and gloom. I just don't want to tell you to go for it and use it, And then for you to get hypothermia because of it. So laying out the risks and other possibilities makes me feel better. Not being selfish, just want to make sure you know the risk/reward aspect.
The cape is made of 1.2(?) oz Cuben, so it's definitely bomber. As long as you know what could happen out there and accept the risk/ have the experience, then by all means, use the Cloud set up. Like I said, I would love to have that cape. Wayyy better than a poncho in my eyes. It would be extra large on me I'm sure, so it would have loads of air circulation. I would probably extend the arms by 3 or 4 inches and add another couple inches to the bottom hem. Just tape some Cuben strips on it. Man, you got me salivating for one. Ha!

