Well, here's the conundrum.
If you're in Hyjal, odds are you have a fair amount of T5 / are also getting into BT. T6 level gear seems to be soaking in +defense gear.
On the other hand, Badge-loot is roughly comparable to T4-5, and is typically lacking in defense. I'd say Slikk's is much more of a mitigation based cloak, and provides a nice +def for those who might be losing their defense from ZA/Badge gear. Pepe's seems to be very comparible, and gives +hit, which is invaluable, but does not have any + defense.
If I were saturated in Defense, I might be tempted by Pepe's, but Slikk's is an ideal counterpart for it at the moment.