I have a SMD Wild Oasis. Awesome tarp tent and almost identical to the Gatewood, but without the poncho option. If you are much taller than 6'0" it will be a tight fit. I have used it in sustained downpours, snow, and sleet and it kept everything dry. You will get a lot of condensation at sub-freezing temps and high dew point. Just the nature of the fabric.
I also have and Integral Designs silnyon poncho/tarp. Great multi-functional item. You aren't going to get as much protect as the Gatewood, put it is much more flexible. It is my main shelter/rain gear for most trips.
Lastly I have a MLD Silnyon Pro Poncho on order. It is about 2+ oz lighter than the Gatewood, larger than the ID for coverage and even more versable than the ID. Once I get it I will know for sure if it is going to meet my expectations. I have been "anxiously" waiting for this piece of gear. I think this is going to be my perfect shelter/rain gear.
You might want to take a look at ULA packs. I did a lot of research, and the lighter the pack the more fragile they are, and fewer the features. I finally ended up with a ULA Conduit. I really like the 3 mesh panels... a lot!! I got the optional hip pockets which really make life easy. It is easy to grab a water bottle from one of the side pockets while hiking. This set up is about 19 oz. The Conduit is about 12 oz more than the Murmur; but has a 50L capacity versus 36L for the Mumur. However, the hip belt on the ULA is awesome, and fully loaded the pack feels much lighter than a similar load without this kind of a hip belt. It does a wonderful job transfering most of the pack weight to the hips. I know we all try to par ounces, but sometimes the lightest is not necessarily the best, IMO.
I have bought products from GG, SMD and MLD. They all are excellent companies, provide great customer service, and make fantastic products. Just look at the offerings from each of them, and then choose according to your needs.