I lost my original minecraft account in the transition during the 1.7/1.8 era because my computer had a bug that would launch the launcher in such a way that it would never sync up with the server, so I had to rebuy the game. So I am not looking foward to this experience.
I feel like giving everyone capes devalues the value of the minecraft cape. Before it was a prestigious item that was only for those who went to Minecon or impacted the game. Now, with everyone getting one, it seems so normal, and thats not a very good thing in the long run (what is Mojang gonna give out to people who attend Minecons, if they will ever happen? A cape again?)