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If the poncho has a hood and metal cylinder-like cord locks, that is a good one to have. It has snaps around the perimeter to make a "hootchie" or improvised shelter. The cadets were issued a smaller one with less functionality, but I remember it had a horrible smell like dog crap on a hot day.

The shelter halves dispensed with any pretense of wearing in the rain. The fabric is lighter, has left and right side zippers, and triangles for door flaps. It is also long enough to actually cover anything. I doubt it is wide enough to sleep inside like a sleeping bag cover. That role goes to the second smartest personal kit ever issued, the Goretex bivvy bag.

On a related topic, my old friend Phil Palmer claims the only waterproof piece of kit he was ever issued, was his steel helmet. He also claimed that the warmest thing he was ever issued, was his desk at defence headquarters.