If you get this as a drop, keep it. If you sell it it seems to go for a hefty price. It does have a unique color and it also have same model and color for two quest rewards:
I did the alliance only quest on a couple of my toons and I can use the cloak as xmog on any my ally. But for some reason Blizz won't let me use the quest reward cloak as xmog on any of my Horde toons. . So keep it and learn it is my advice if you want it for your Horde toons as xmog.