In the aftermath of Patch 3.0.8, druids have an 8.75 multiplier on base armor, and a 1.02 multiplier on bonus armor, assuming Dire Bear Form, Survival of the Fittest, Thick Hide, and Austere Earthseige Diamond. Any armor on neckpieces, rings, trinkets, weapons, and extra armor on cloaks recieves the lower multiplier while all other armor, including base armor on cloaks, recieves the higher one.
In this case, this cloak has 486 total armor, 336 bonus armor, and therefore a base of 150 armor. The total Bear Form armor granted by this cloak is:
(150 * 8.75) + (336 * 1.02) = 1656 Armor
WINNER = Cloak of Armed Strife
You have pushed Dodge off the charts with your Expertise (28 = 7% chance to not be dodged or parried and dodge is 6.5%)
Getting parry off is a disgusting amount of expertise and not warranted.
WINNER = Cloak of Armed Strife
Your Hit rating is at about 5.34% with the new cloak on, which puts you over halfway to the 8% mark.
WINNER = Cloak of Armed Strife
You only get .3% dodge and .3% chance to miss from the def rating on the new cloak, where as you got 1.25% chance to dodge from the old.
WINNER = Durable Nerubhide Cape
You lose 2 strength which will affect your threat generation by almost 0
WINNER = Tie
You lose 25 Stamina, which is a sizable amount in bear form
WINNER = Durable Nerubhide Cape
Cloak of Armed Strife = 3
Durable Nerubhide Cape = 2
Tie = 1
Honestly it looks like Nerubhide would be better for boss fights, giving you more mitigation through expertise pushing parry further away, avoidance by increasing your dodge, and health pool in general. There is also no wasted item points on this cloak for a drood. And in reality, unless it's a boss with an aggro drop, we do so much TPS we don't have to worry much about losing aggro in boss fights.
Armed Strife would have the higher armor, though as we get closer and closer to the armor cap, that mitigation isn't as great as it could be and the threat generation would be higher with less misses from more hit rating. Defense rating wastes item points on here with block and parry that we can't use.
Tough decision, but I like Nerubhide myself.