I like that idea, its a feature and not a bug (thankfully), as per the last guy in that thread and from spending too much time on the heraldry screen myself.
Having squared off cloaks and the like will even with heraldry still keep a feeling of sameness on the battlefield between characters from differing regiments, whereas in Medieval settings there was considerable differences in uniform (heck even amongst the same regiments at times!).
The inverted V shape would look the best in that situation, the downwards V on the other hand would only look right if it does not lengthen the cloak beyond current limits (ie a dwarf suddenly has a 3rd of his cloak in the floor), and it doesnt seem like it does anyway - the standard stays the same length in the preview imagery.