I want to do this... I advise that you should too!
It's easy, ethical (no one is being oppressed in the making of this cape - unless you are really mean to your scissors...), unique (unless everyone wants one now... and I think they do!), no-sew, warm, billowy and fun!
Who's with me!? We can have a cape-party at my house! (That's either a party for making the cape or a party for wearing the cape... or both... meet me at JoAnn's fabrics...)
Seriously, I never DIY and I di-DO want to do this.