There are 2 threads about DK skirt issue but I'm not sure if they're about this particular problem. And they're in a wrong section so I decided to post this one.
So, DK skirts...you may ask what's wrong with them? Well, I'll just post screenshots and everything should be clear.

This is a problem with all DK skirts (short and long), but I've picked a long one as an example because it's easier to see the issue
(I've drawn a diagram of the misalignment in the 1st screenshot just to make it more clear).

The problem is not just with the waving pattern of the skirts, but they're misaligned on the hip to begin with (you can even see it in-game, not just in the loadout).
P.S. I'm using the word "skirt" because both Light Cape of Sir Davion and Cape of the Drake are actually skirts, not capes.

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The other DK skirt threads:
http://dev.dota2.com/showthread.php?t=54526
http://dev.dota2.com/showthread.php?t=55499