There's a reasonable chance that you have not yet heard of Malicious, but fortunately that's about to change. It's an incredibly Japanese action game that is coming exclusively to the PlayStation Network and features a young man who fights with a cloak that transforms into big hands and swords. Yes.
Check out the video, where you'll see loads of big monsters and cloak-based combat. It's looking really cool and ought to definitely be a top tier PSN title. No word on a release outside of Japan yet, but I really hope it's coming. This looks like it could be a must-play.