There's a new review up at Pyramid. It's a fairly good summation of the rules. For those that don't have a subscription:

Capes is very obviously a personal labor of love on the part of the author/designer/artist. As such this game will tend to appeal most to those who share his view of storytelling games. The players willing to commit to the work should find that having no one (and everyone!) as game master brings a new richness of adventuring experiences. Capes is not a game for everyone, and it won't overturn the industry, but it's a welcome and flavorful addition to the hobby gaming menu.