Does Personalization come under Cloaking?

               Well, I don’t think so. Before I explain the answer one must know what is cloaking?

Cloaking:

          Cloaking mean deceiving Search Engine. Same page acting different roles to convince Search Engine and users

Why cloaking:

             I need a better site rank in google and also I should offer flash rich content to the users of my site in same page. Using flash content decreases my page rank, but I should satisfy my users. So satisfying Google and my users is not possible with same page. This tricky situation introduces new technique cloaking. It uses javascript code and fetches the User-Agent HTTP header who tries to visit the page. This User-Agent HTTP will tell my javascript whether the incoming visit is Bot or normal user. If it is Bot then my javascript code will  display a info rich content which increases my page rank or else it displays Flash rich content to user .Thus the technique convincing both.Indeed it helps to MAKE MY SITE RANK FIRST IN GOOGLE
But this practice is another black hat method in SEO which when caught by Google ,the site gets banned permanently and also blacklisted such that no other search engines will show your page.

 Personalization:

Personalization means depending on the geographic location of the user the content displayed by the page gets changed.

         So is this cloaking?.No because your code checks only the geographic location of the users. Cloaking comes into effect only when your code tries to differentiate between Google Bot and user. So personalization won’t come under cloaking because it won’t tries to find Google Bot, It tries to differentiate between GEO-IPs.
In short personalization doesnt affect MY SITE RANK FIRST IN GOOGLE