I'm not sure the Obscuring trait is going to be all that game changing. It's decent, to be sure, but if it works like people are saying (can only be targeted from 0-1 range), then it's only going to be so effective. In the games I've played, most combat takes place at the 0-1 range anyway. Sure, there are situations and builds where that trait will help, I'm not arguing that, but A LOT of action in this game takes place at the 0-1 range.
Particularly I don't see this doing much for a standard Warlock build since they will be in melee range most of the game. It will probably be better in ranged-fire Warlock or Necro since they aren't really a toe-to-toe mage. I could see him sitting way back with this thing on just churning out the waves of undead. Not being able to target the Necro without going through the army of zombies and skeletons could be some pretty decent protection.
The best use for this would be when you are keeping Gorgon Archers and Deadeye snipers and that kind of stuff outside of that 0-1 range. That hurt those strategies pretty badly, for sure. It could also help you keep out of range of Ballista's and Wizard Towers, although the opposing mage will probably just turtle near them forcing you closer.
Overall, it's decent and I like it and plan on messing around with some build ideas with it, but I'm not sure it's going to be replacing those Elemental cloaks anytime soon.