They didn't show the worst offender, Hunter bows.
Bows look good with it (as do guns), no clipping at all from the few I tested (of course I am sure there are certain bows or cloaks out there that will cause clipping but I don't have a huge selection to choose from on beta).
Unfortunately staves still clip. It's significantly less then it is now but I found it annoying enough to still disable capes on anyone with a staff. Also probably a fairly unique case but the Assassination daggers sheath on your back and cloaks clip through about half the blade when you walk, so that's a bummer.