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You can cloak but you can't stay in stealth if the DoT is ticking. So it's good if you don't plan on spamming Cloak and hiding in sneak but it sucks if you're a Cloakblade.
I run it on a gankblade and there's ways to work around it. But TL;DR of my experiences is if you don't understand how to survive without Cloak, don't run it.
It was good back when cloak proced the DoT. Since they changed that, the set is not worth it. Shear venom is better if you want a poison DoT set (as are a lot of other sets).