It seems as though many folks are not particularly enamored with Phantoms. I've been thinking about what good uses could be made of them. The way I see "Cloak" is that it gives you the opportunity to make the final squadron position adjustment of the round. It appears to be useful when the positioning of your opponent's squadrons is delicate (eg. Intel, Nora Wexley, FCTs, Rhymer, etc...). Cloak gives you the ability to wreck your opponent's masterfully-positioned squadron ball.
Generally, I am thinking to use a Phantom or two to harass or disorganize a well-crafted squadron group. In some sense, they would be sacrificed. For instance, one might engage part of a bomber group from beyond an Intel bubble to blunt their attack. The Phantom may go down, but it doesn't go down trivially since it has 4 hull: you need to dedicate some resources if you want to be sure it goes away.
So it seems like making a small investment in this ability to harass enemy squadrons could disrupt your opponent's ability to make the "perfect squadron move." And that has some use if you're going with a minimal fighter screen to maximize the power of your capital ships.
A smallish fighter screen: Howlrunner, 2 Interceptors, a Phantom, and an Advanced. 62 points. Heavy hitters, mixed in with a bit of staying power, and some flexibility in the form of a Phantom.
Thoughts?