So what does it all mean? It means that these things are powerhouses of bonus stats -- and if you have a spec that doesn't use one particular side stat, you can reforge it to gain a healthy chunk of hit or expertise on the side. Because of the August Celestials influence in the cloak designs and names, Wowhead has pointed out that these cloaks likely tie into the latest branch of the Wrathion chain. Wrathion's achievement for patch 5.3 has been changed on the PTR as well. Now called Chapter IV: Celestial Blessings, the achievement requires players to accompany Wrathion on his journey to obtain blessings from all four August Celestials. The reward for the achievement is a Cloak of Virture, and all the new cloaks carry this designation, so it looks like Wowhead's assessment is dead on.
But what's curious about all of this is that despite the ilvl, despite the method of obtaining the cloaks, and despite the stats, the cloaks are still designated epic quality. Given Wrathion's penchant for handing over orange quality items, it does make one wonder if this will be changed as the PTR moves on. If these cloaks are indeed designated legendary quality, they'll be the first piece of legendary armor we've seen in game since the ill-fated Talisman of Binding Shard removed in vanilla.
While we don't know yet exactly what the future of these cloaks happens to be, it would be wise to keep in mind that as with anything else on the PTR, it's all subject to change at the drop of a hat until it goes live. We may see the ilvl reduced, we may see the quality change, or we may see them appear exactly as they are now -- it's all up in the air until 5.3 officially drops. Until then, have a look at Wowhead for a glimpse at these gorgeous models.