The Cape was an attempt to tell a costumed crime-fighter's story, straight and simple. It harkened back to the pulp roots of today's comic book heroes, and offered up a look at how these scenarios would actually shake out in that world.
That's what I really liked about the show. The creators were telling their stories in an earnest, non-campy fashion, and having their characters actually dealing with the situations they found themselves in. Evil hides behind the institutions of law and order, with the biggest threat coming not from our hero, but Evil's competitors. Those people our hero was forced to leave behind are shown dealing with the ramifications of the frame-up, and the loss of the primary bread-earner of the family; and we also see how our hero inspires others into standing up for what's right.
This is all heady stuff, which allowed one to question the conventions of the genre, and look at them with fresh eyes, especially with how they would fit into today's world.
The problem came in the execution ... as the previous reviewer noted, tonally it was inconsistent as the world seemed to reside on the borders of the mundane and the bizarre. Then, also, the writing was inconsistent, with certain matters glossed over when they should have been examined, and other matters scrutinized when they should have been glossed over.
So, yeah, this series wasn't perfect, and it did provoke A LOT of love it/hate it discussions ... so, obviously, it isn't for everyone. But, given the relative scarcity of original costumed crimefighters appearing on TV, I do give the series credit for at least trying.
The series really started to click when the characters discovered their sense of humor, but by then it was too late. Consequently, it was when the series was hitting its creative stride, that it was cancelled because it couldn't attract and hold an audience.