The cloaks don't tend to - they're either to look cool (Bungie wanted us to feel like we had appearance customization, but that's all we really got) or to gain reputation for the different factions. Most just look cool. I really like the warlock bonds, because they often have special effects like flames, void mist or shiny neon holograms. Can't say any other class's items have grabbed my attention just the same.
If I were you, I'd be more thankful for the strange coins and motes than blue equipment. Rare items fall behind the importance of Legendary and Exotic over time, but Strange Coins and Motes of Light will always be of use to you. Maybe not now, but soon you'll be praying for them once Xur brings his wares.