This looks like a very-near perfect plugin for anyone wanting to use affiliate links in their posts/articles. However, it is lacking 1 major feature, and needs a few minor fixes.
It needs to allow the user to enter multiple keywords, separated by a comma. Rather than only one "Search Text" keyword as the plugin calls it, that is auto-linked in the content of posts. For example I might want "Amazon.com", "Amazon", and "Online Shopping" to all link, using the cloaked URL, to my Amazon affiliate account.
The other think I think could be improved, is the way the plugin works: when you add a new link, you have to hit "save" and see some error messages in order to get the field for the link to appear. This should appear from the start. Also, it would be very helpful if the "Add New" button were on the individual link options page, so that once you've saved a new link, you can quickly click the button to add another. Rather than having to go to Settings>Link Cloaker to get back to the main settings page, then click "add new" button to start a new one.
I want the authors to know that I very much like the plugin. It looks like it may become the perfect solution for cloaking and auto insertion of affiliate links. But right now it has one major and a few minor issues that need to be resolved first.