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.
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.