The cape of legends is a white cape and is sometimes seen as a status symbol as a series of challenging quests must be completed to equip it. There are various NPCs who appear to be wearing a cape of legends or some variation thereof.
It is comparable to obsidian cape, although it is slightly weaker. However, it should be noted that the cape of legends is cheaper than the obsidian cape. As a result, it was a popular choice for a cape when PKing or taking part in dangerous activities. However, with the price of the obsidian cape falling over the years, and the release of new capes since, it has fallen out of popularity with most players.