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Cloaking is giving specific pages for specific requests. So if an SE comes in you give it a page that it will like, but if a surfer comes in then you give him/her a normal page.
As littleman say's, there is no comparison with cloaking.
Depending on the nature of your site this may or may not be an issue. Other than that I'm seeing some great results on pages using layers. (it's great for flash sites)