There may be one bright spot in the otherwise poor new named loot.
I just read through the descriptions of all five cloaks. You'll see they talk about fusing the pieces back together.
My guess is that the Wheloon traders (or somewhere else) will have an option to fuse all five pieces together into some sort of super elemental cloak, which would be kind of a cool item (and explains why they drop in all quests).
Now, give us improved versions of all the current Eveningstar sets (PDK, Villager, etc) and it might make up for the otherwise lack of new decent named loot.