How to simulate/fake Cloth in Unity?

I'm looking for a way to simulate or fake cloth-like objects. We're working on a game with a hero who has a cape. We would like the cape to be cloth-like, which means:

  1. It moves loosely with the player
  2. It shifts around the player when he/she rotates
  3. It follows the player around and when the character runs, it stays a bit behind
  4. It can be stretched or pinched

Is there a way for us to do this in Unity or should we just try to animate all different styles?

A scripting solution could use this script as a starting point:

SoftBodyMP.cs at UnifyCommunity Wiki

We are currently investigating different solutions to add cloth support in the future, but for the time being, your only options are either to do without it (and try to fake it using animations as good as possible), or write your own in scripting (which will certainly not be trivial, and probably be rather slow as well - but possibly sufficient for simulating a single cape on a single character).