Unlike a face-down creature that was cast using a disguise or morph ability, a cloaked creature may still be turned face up after it loses its abilities if it's a creature card
Pairing this ability with a very good max speed is the icing on the cake for a very interesting Azorius commander revolving around artifacts and crazy amounts of value generated by doubling them
Location cards and deck building Last but not least, its important to know how deck building is impacted by the reveal of location cards
He can also reliably pitch your hand into your graveyard, which can make a good setup for graveyard strategies - whether you're trying to get an Underworld Breach / Lion's Eye Diamond loop going for a combo, or just want to reanimate something huge
I think its most interesting home could be in a Standard control deck, however - in a two color strategy with a solid manabase, this card provides card draw over a few turns , a board presence or a blocker for one life, or a Treasure token to eventually ramp into game-winning spells
I think even a single target Replenish would put serious constraints on the format and the types of designs WotC could safely make