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The FAQ changed page 100 in the SM Codex to read "a model wearing a camo cloak has +1 cover save"

They also added a cloak to Telion's gear on pages 88 and 134

No change was made to him having the Stealth USR

So it appears that he now gives a scout squad +1 and that stacks with the camo cloak equipment, giving a +2 cover save to that scout squad...

Anything I'm missing? For 50 points, Telion is an even better buy than he was before.

And he gets to allocate his wounds...along with any other sniper who rolls a 6.
The question still remains; can Telion (or the other scouts) stack their wounds on one model (the PK Nob for example) or do they have to distribute them?

Telion gets +2, since Stealth now stacks with Camo Cloaks.

Telion also has Rending still, as his Stalker Pattern Bolter is Heavy 2, Pinning, Rending.