Cons:
It can be balanced but it is a lot of work.
If it were balanced, people would still whine about it.
You'd have more people clamering for admin-approval.
Elitism.
If it isn't admin-approved then it will be overused. There currently aren't any ship classes that could use a cloak and not be overpowered.
6 Bombers may have no energy after decloaking but they can always dodge and take down the capitals anyway. The capitals defense is avoiding the bombers to begin with.
Slight tangent.
Pros:
RP oppertunities.
New battle tactics (Uncloak and stab the enemy in the back)