With a bit more testing, I found that while the camouflage shield is active, the hit chance of anything shooting at the cloaked ship is divided by four (approximately, anyways). While I agree that in most situations you’re probably better off using something other than the camouflage shield, I don’t think the effect of the camouflage shield should be improved. With a zero speed ship and a camouflage module, you get a roughly 25% increase in the amount of weapons fire that misses, and you also get a roughly 25% increase in health. Adding that to a halfway decent weapon with the ability to fire while the ship is cloaked could potentially give a very durable vessel.
If ‘fire_while_camoflaged’ is made to work properly, then the only thing that would be needed to make a cloaking fleet a reasonable option would be good weapons which can fire while cloaked, or longer-duration cloaking (either through giving some benefit to having multiple camouflage shields, or increasing the charge rate on the current camouflage shield, or introducing a better camouflage shield). The bonus from being cloaked is good enough as is.
Camouflage shields also add 440 health, which is about 33% more than most shield modules (health and shield points) and about three times the absorb-able damage of a plate of Ultraheavy Armor (which weighs the same as the camouflage shield, and probably costs about as much more than the camouflage shield as you’d pay to increase the crew and power supply of your ship to use a camouflage shield). Dodge isn’t the only bonus that it has. I’d also say you’re more likely to get three shield generators for the cost of two camouflage shields than two shield generators for the cost of one camouflage shield. The only place where Camouflage shields are much worse than normal shields is in the crew requirement, unless you’re comparing against the Light or Basic Cruiser Shields. Calling camouflage shields 50% more expensive than shield generators is reasonable. Saying that it costs as much as two shields, though? Only if you’re using light shield generators.
Right now, since cloaked ships are not able to draw fire since they are both harder to hit and not an immediate threat, camouflage shields are not worth bringing. With a decent weapon that can fire while camouflage shields are active the camouflage shield could become very useful, especially in a fleet full of ships that cloak and can, say, project illusory vessels to draw enemy fire.