I have gathered an almost complete suit of this stuff. Every single piece matches cloth armor in AC, WT, Class, Race, and look. The only difference is the names.
Well, nontwink Erudite Necros would like to loot cloth armor to save their money for spells. Even my nontwink fighter types go ahead and put their first moneys into cloth armor. It's cheap but it is effective against the lowest level mobs, and it sells back for almost what you paid for it (leather is similar, banded is even better at retaining resale value though the devaluation of bronze will eventually hit the banded market).