I think there were writeups on several sites, but I don't think they
were all that in-depth to the extent of explaining things ilke how well
each shroud worked, its capabilities, etc.

IIRC and in my limited experience, shrouds let you become a different
class with limited, but sometimes/often useful, capabilities that your
original player class may not have. You can also choose the level of
the shroud so that you can do LDON and other tasks or missions where
your character level might not be suitable (i.e. a level 70 going on a
Naggy raid where the limit is level 52, could shroud down to a level
50).

AFAIK, it does not change your faction. If you are kos in normal form,
you will be kos in shrouded form (someone correct me if I am wrong).
Your capabilities will not be anywhere near what the equivalent
reasonably equipped player of that class would be, certainly not the
flexibility. You still lose xp when you die though I understand the xp
loss does not take effect (barring rezzes) while staying in shroud and
the amount lost is compatible to the shroud's level.

I think its a neatish idea, but found the inability to uparmor,upgrade
weapons, and such, even to the extent of acquiring stuff that can only
be used on a shrouded form to be frustrating. But then, I guess, the
shrouds were not intended to make it easy to solo on xp giving mobs. It
can be done, but it is slow. :)