That cloak is good for the hit yes, but the damage gained from it is worse than both the baron and shrouded mist cloaks, and it's almost impossible for most people to get.
If you're playing horde, baron cloak is a tiny bit better for PvE. But if you're playing alliance (with kings buff) the shrouded mists cloak is just as good. There's no cloak upgrade in BWL.
Chunass - 60 Night Elf Hunter Chew - 60 Human Warrior <Molten Core Swimteam>