Yes, because a hero should wear a cape.

I suggest Diablo 3 adds a "Back" slot for characters to put on a cape, cloak, banner, or even an expanded backpack.

The cape or cloak is put over existing armor. Some capes and cloaks have magical properties. (When a cape or cloak is kept in the inventory, it is either folded or rolled up to save space.)

Other items that can be used in the "Back" slot:

Banners, like what a Samurai worn on his back; he put a insignia banner in his back.

Expanded backpacks, for carrying *@@% loads of stuff.

And maybe the Barbarian can carry a little magical gnome or midget on his back that shoot arrows and missiles. :P

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Q u o t e:
Watch The Incredibles. Never wear a cape.

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I think Dollar Bill made a better and earlier case for why superheroes shouldn't wear capes.