Cloaking Exceed has had two issues that have been bugging me since way back, when I started playing here 8~9 months ago.
1) Cloaking Exceed currently costs 45 SP to cast, regardless of whether you're using it to enter Cloaking Exceed or to end Cloaking Exceed. I compared this to other Thief stealth skills other than Invisibility (I don't have a leveled chaser to go and test that) and it looks like this is the only one to do that. Basically, Cloaking/Hiding/Chase Walk don't behave anything like this. Using Cloaking Exceed a second time to drop out of it costs you another 45 SP (for 90 total).
2) It puts you on a 2 second aftercast delay where you can't use any other skills. This is for a good reason, obviously. The issue is that this also takes place when you use Cloaking Exceed while already in Cloaking Exceed to drop out of it. What this means is that it's better to use any other skill to leave Cloaking Exceed. Some people put First Aid on their hotkeys for that purpose, which translates to one less space available (also randomly popping out and shouting First Aid !! is neither intimidating nor stealthy). If possible, using Cloaking Exceed a second time to leave Cloaking Exceed shouldn't incur the aftercast delay.
tl;dr -- using Cloaking Exceed twice puts you on a 4 second total aftercast delay and drains 90 SP. The SP consumption at the very least makes no sense and is inconsistent with other stealth abilities (other than Ranger Camouflage).