So, RAW it appears that dueling cape is incompatible with any of the swashbuckler stance feat lines - it uses a hand, so the dueling parry line is out; it lacks the parry feat, so the parry line is out; and it is not a buckler, so the buckler line is out. Is this correct? Is it intended?
I ask because, from my perspective, that makes the item ultimately inferior to every other option for the class for which one would assume it was designed. Perhaps the +1 to feint is valuable enough to a specific type of swashbuckler? At higher levels, I doubt it.