The item level is a big jump from 68 to 83, that's +15 levels..

However +10 stam, swapping +1 to hit with -10 resist, and +5 spell damage is more "meh" to me.. perhaps this is in part due to the heavy item value hit that cloaks take, likely due to the fact that cloaks never suffer durability damage.

For reference, these are the general stats you'll get at a given "item level" based on the location of the item:

Head 100%
Neck 54%
Shoulder 74%
Back 54%
Chest 100%
Wrist 54%
Hands 74%
Waist 74%
Legs 100%
Feet 74%
Ring 54%
Trinkets 68%
Shield 52%
Off-hand 52%

So a cloak or "back" slot will have similar stats at the same item level as "wrist" or bracers. Some items get adjustments (example rings can have higher resistance values than their 54% of item level would suggest).

In other words a hat, chest, or leg item would see a proportional larger jump in stats given a +15 level difference than this cloak does.

This is very obviously hunter loot unless a hunter doesnt want it. Spell dmg gear is great.