Cloak works really well in PvE. It is a lifesaver for me when I sacrifice resilience for mobility because I can dodge cloak and boost away while I regen. Sometimes they can hit me, occasionally they can track me but quick direction changes confuse them and do what it's supposed to.
And having just started PvP and playing my Hunter Nightstalker I have to say that the melee cloak is a lifesaver for me and 9/10 my opponents are bamboozled while I skip around the side and flank them. Sure, I don't think I even have 10 matches but it seems to work very well. So I gotta disagree here.
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Glad you're having a good time. Happy hunting.