If you are sort of loving this cape trend but not sure how to wear one, or not sure which one is right for you, might I make a suggestion? I just spotted this Anna Hovet cape (she's a native Minnesotan!) on the Picky Girl blog and it is seriously sensational.
Reasons I love, love, LOVE it: I think this piece would transcend the cape trend, so you could wear it for years; it's a great transitional piece; and I believe in creating a coat wardrobe—we have all kinds of cold here, so we need all kinds of ways to combat it!
This cape makes me dread fall and winter less—that's how gorgeous it is.