It definetly look like he's wearing a cape. I would also guess that those gold medallions on his chest might be the 5 symbols for Chaos, Death, Sacrifice, Legend, and Vengeance. So by adding ever thing together (this picture + shadow on the commercial + Fear revealed video) it look like we have a very large figure with a crown shaped forehead, a cape type structure, and large pointed shoulders. I'm working on collection all the pictures of him and making a collage to post.