I really like poncho-tarps as I find them really suitable for ultralight backpacking. A poncho-tarp can protect you and your backpack from the rain and you can set it up as a shelter, too. Add the capability to use it as a rain water collector through the hole of the hood and you have a really multipourpose item which saves you a lot of weight and space. For day hikes or overnights in not too inclement weather, I find a poncho-tarp to be the best solution.