Big fan of no longer needing to use an action to raise or lower the hood. Always seemed like a silly requirement to me since you are already attuned to the cloak.

Agreed. Simple, awesome change.

Wisdom (Perception) checks made to perceive you have Disadvantage,

Since it's normally Passive Perception which is used to perceive someone trying to Hide with Stealth, that Passive Perception check would in this case receive a -5 penalty because of the Disadvantage.

Basically that's what this item gives you over and above the Boots of Elvenkind, in exchange for ... shudder ... attunement.  I mean, -5 is pretty good!  Still... attunement.