For those complaining about balance, that issue is quite easily solved. Just introduce a cool down time to the initiation of a cloak where no active module will work for a time, say 30 seconds or even more. Oh, you got decloaked after 20 seconds? I hope you are insured!
Even as a pure “get out of a fight free card”, where people cloak and just run, I don’t think it will be that great, except perhaps for covert ops. For one thing I think that many will die for hitting the cloak a tad too late. For another it won’t work if anything, especially the opponent, is too near. And upon seeing the cloak, the opponent can rush the area to get a decloak and then pop the ship easy if that cooldown timer I mentioned earlier is there.
But if it is found to be OP for covert ops, as in, they actually get kills more often than they run away from fights, then warp could be disabled for any ship that cloaks up with a weapons timer.
It could well be set up in a way that its risky, yet, induces a lot of people to die for trying it…thinking its such an awesome manuever for whatever reason…then finding out too late that its not that simple…and why would it be simple? It could lead to a lot of unintended, but still fair, deaths.