I don't want capes. I think they were cool and the PS3 could definitely render them just fine (the PSP could render them just fine as well. They removed them because of the Mirage Arena and the chugging framerate it created, and we all know MA had a lot of framerate issues) but I like how things turned out without the capes. They look futuristic rather than superhero-y, and I prefer the futuristic look to it.
This^ I've never understood the fascination with capes. (didn't even like them before bbs came out)
I can't look at them without seeing terra as a batman wanna be when in his armor. =P