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I own this: http://www.brooksengland.com/catalogue-and-shop/clothing/john+boultbee+clothing/OXFORD+Roll+Up+Rain+Cape/
And it's fantastic. Very waterproof, a good fit that doesn't feel like wearing a sail, the cap/hood works well (without helmet), and it has little magnets to keep the front over the bars and protecting your knees.
It's only worth having a cape on a bike with mudguards as should be obvious.
As to whether it is worth it? Well it's fantastic, it does the job... but in reality it's only really wet enough a couple of days per year. It is truly over the top for anything other than torrential rain, and then you need your commute to overlap with that torrent. It turns out that just doesn't happen as much as you think it does.
Overshoes and jacket (I'm now using the RH+ Air X-Change winter jacket which is also over the top in it's own way... it's nowhere near cold enough for this jacket yet) is enough.
What cape are you using? Am thinking I need one.
@velocio you are also a cape owner, what is it and is it any good?