I've managed to avoid a number of spoilers (except one about a certain character returning, ah well) so I won't watch this.
My guess about capes though is it could well be a modelling/physics thing. Capes are harder to do, I'd assume (not being a modeller) but the bigger problem is having them move dynamically. Either you have some weird solid thing that has no relation to character movement, which wouldn't be worth it, or you have one that flaps and sways as you move, with some semblance of inertia and fluttering. The poor consoles are already struggling under the game itself, two people in co-op wearing capes is probably a lot of extra load on it to handle the calcualtions for physics/rendering.
At least that's how it feels to me. I'm not terribly fond of the severe limitations of consoles (and from what I've heard, no one likes coding the PS3 because of its design which was at least fixed for the PS4).. and when the PS4/One hit everyone will be going how OMG they're so amazing look at this power! except for the pc users who are already AT that level.. and in 5 years it'll be crap once again and we'll be moaning how it's holding back games.
On one hand I like how a game like this gets out to as many people as possible so everyone can love it, but on the other hand I hate how there's a lot of compromises for decade-old hardware that the pc suffers thanks to the fact that let's face it, a full-out separate PC version is too much time/work for a smaller studio. And, well, we've
seen what happens when someone
else than Volition does the PC port.
Really though, I'll keep waiting for the game, without seeing all these spoilers. Thankfully people here are tagging them in the threads..