I don't know about the buff for everything on faction cloaks, but I think that Exotic Class Items should allow you to switch the ability from either a Crucible boost or a Vanguard one as you play your favorite activities, kind of like the Boolean Gemini Exotic perks. They are Exotic after all. Though Faction Class Items should have a passive XP boost to your factions, something you don't have to switch imbetween. Much like some of the Exotic perks on some pieces of Exotic gear. So pretty much a do it all, but in a more focused way. But if they do that, then we need more Class Items that are Exotic. So Vanguard, Crucible, SRL. . . and on and on.
BUMP
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This is exactly what I want. Different perks so you can switch.