the cowl is the real perk. if you put it on, you can do any number of crimes and then run away. get out of sight and take the hood off. if no one sees you remove the cowl, then your bounty drops back to normal, and you can go about your buisness. this can be great, especially in certain fighter's guild and dark brotherhood missions.
the other "perk" is your private room atop the guild hall. this can server as a centrally located base of operations until you buy a house. i moved my storage stuff to the chests in the guildmaster's room asap after the ending theives quest. (it's a lot closer to various towns than the cloud ruler armory

.)
This post has been edited by softwhisper: Apr 9 2006, 06:45 AM