I just came back recently and the whole legendary cloak thing seems kind of lame to me. I hear the concept isn't too well received by others either. It's a legendary everyone can get which makes it kind of well...not legendary. Worst part is from what I hear it makes your DPS un-competitive to those without the cloak....meaning if I wanted to get it I would have to do ToT LFR.....and I despise doing LFR.
Now the issue with Heroics as they were previously is that your guild would literally funnel resources into one player. I remember the first person to recieve a Shadowmourne in my guild ended up leaving, I mean hell it made him far more appealing to other guilds. In TBC however Legendary items simply dropped off the highest end final bosses, Illidian and Kil'jaeden. Here there were no resources dumped into one player so if he left later oh well w/e not as big of a loss in terms of economics. These items while lacking the epic feel of a legendary quest line were still had that legendary feel since it required you to take down the strongest bosses in the game.
So would it be a good idea to just have legendarys become drops once again, off of Heroic mode final bosses that is. There were a few problems with this older model, while I would see guilds with several Warglaives others just had bad luck, also I heard the more complete Warglaives you had the easier the gear check of Brutallus in Sunwell Plateau was.