I've got one of the normal (not extended) Campmor (aka Equinox Terrapin) ponchos, and on the whole I agree it's a good piece of kit and a good value --- it fits me well, and the design seems to work well in the rain.
Two exceptions to that:
(1) Color. You can't specify color when you order, it's just listed as "various". Mine came in bold blue, which if you use your poncho as any part of your shelter this really doesn't fit well with the concept of stealth camping.
(2) The side snaps. Suckers are so strong on mine that I thought I would tear out fingernails trying to open them to convert poncho into tarp. I got wise and now use something like a butterknife blade, but this is a PITA.
Two posters talked about using a poncho as hammock cover tarp. Measuring my Hennessy backpacker a-sym tarp, the long (~diagonal) length is 122". Few ponchos cover that on the long diagonal. What exactly are you using for poncho on what particular hammocks, please, and how well does it cover in heavy rain? I expect the side coverage would be better, it's the length I'm concerned about; perhaps some sort of end flaps added or something ...
Back on the original topic, note that Mountain Laurel Designs has a couple of nice poncho options now, to add to other choices like the Gatewood cape from Six Moon Designs, Integral Designs ponchos, Poncho Villa from antigravitygear.com, Warmlite, and of course on this site they sell Bozeman Mountain Works ponchos.
You might also consider the Packa, http://www.thepacka.com/ or making either the Poncho or the "Parcho", at http://www.questoutfitters.com/patterns-jackets.htm