It's once more unto the mirror universe with this Ferengi comedy featuring Quark and Rom. We might as well throw out the rating system and intelligent analysis because it's clear from the outset that the plot (such as there is) is just an excuse for the cast to cut loose and have some fun (and to get Nicole de Boer in a leather costume).
With Zek, Vic Fontaine, Brunt, Garak, and most of the regulars getting their moments to play against expectations, the story emphasizes the comedy of its preposterous nature, completely self aware that the alternate universe makes no sense. (In fact, it uses the cloaking device as a MacGuffin under the theory that the mirror universe doesn't have the technology, despite previous episodes establishing that it does).
No matter, it's all in good fun, and director Burton (doing his second episode in a row with mirror universe characters) ensures that no moment is played too seriously. But it is a bit of a shame that DS9, throughout the course of the series, increasingly sees this setting as only a backdrop for silliness.
The mirror universe comes back into play in a more serious way with Enterprise's two parter "In a Mirror, Darkly". As for "Emperor's New Cloak", it's the last DS9 episode to visit the alternate reality and is dedicated to Jerome Bixby, the writer of the original "Mirror, Mirror" episode, who died in April of 1998.