Vlad's Cape is an wearable item in Spelunky 2. It can be found at the top of Vlad's Castle in Volcana. At the top of the castle will be Vlad, when killed he will drop the cape. Note that if Vlad dies by teleporting into a wall, the cape may become unreachable.
Vlad's Cape grants the user double jump and after the second jump also grants slow fall (similar to a regular Cape). When this item is used along with the Climbing Gloves, the player can reach almost any place they want, as attaching to a wall will replenish it's second jump.
Note that a player cannot use their whip and perform their double jump at the same time, due to conflicting animations.
It also makes enemies drop double the blood when hit (the usual number of drops is two, four with Vlad's cape), making it an extremely useful item when you have the Kapala, as it makes farming health easier.
Jetpack vs. Vlad's Cape Debate
In Spelunky 2, not only has Vlad's Cape been buffed, but the Jetpack has been nerfed as well. These factors have caused many players to actually favor Vlad's Cape over the Jetpack, creating an interesting debate between which of the two should be picked by the player. Many factors have to be considered when forced with a decision between the two, and may even be worth it's own wiki article.
In general, many players consider Vlad's Cape to be the "consistent" option, as players do not need to worry about it exploding on their back, can reap insane amounts of blood for the Kapala while wearing it, and can quickly travel across levels using both it and Climbing Gloves.
In contrast, the Jetpack can be seen as the "expert" option, as players who are able to avoid taking fire damage and can maintain their health properly are immensely rewarded with it's high mobility, which proves near invaluable in places like the Cosmic Ocean.Because of the advantages and disadvantages that both pack items have, it is typically up to the player's choice of which of the two items they wish to take.
This item is similar to the Cape, although upon use it will grant the player a "double jump" prior to the floating mechanic. This mimics the behavior of the Parachute, although you are able to cancel floating at any time, unlike the parachute. However, if you cancel floating, you will not be able to float again until you land, unlike the Cape. This makes Vlad's Cape somewhat of an awkward item to use effectively, as it gives you much less control in the air with your descent and the double jump may unintentionally launch you upwards into a trap. If you don't already own a Cape or Jetpack, then it is probably best to take this item so you are not completely helpless in the air. However, the Cape will likely serve you better in sticky situations, and the Jetpack is better than both of them.
Vlad's Cape is an item acquired by killing Vlad in the first area of Hell. It is equipped on the Spelunker's back, and will replace the Cape or Jetpack if either are already equipped. Only one can be acquired per game.