"Dale, do you like your Gatewood Cape? I am considering getting one for my fast packing solo trips."
That's where a Gatewood excels. It makes a great day hike CYA rain gear and emergency shelter option too. For all the questions there have been regarding the need for rain gear or shelter on such and such a hike, it is the universal answer. It needs a pole and six stakes, a chunk of polycryo for a ground cloth and you're campin'. It gives a lot more protection than a small tarp or poncho. If you are average height, you can pitch it down tight for bad weather, or jack it up 6" in better conditions for more ventilation. You do have 360 degree protection and a *door* in an 11oz package. IMHO, it is easier to pitch than a poncho too-- one guy line and a pull-out if you need it and none of the crazy comedy skits with one end falling down while you are staking the other end. There is lots of vestibule room too, with 35sq. ft total, it has the coverage of many small 2 person tents, although it's not all good living space. If it gets slack during the night, you have the pole inside with you and the guyline is at the door edge for an easy tweak without going outside.
The Gatewood is no fashion statement when worn as rain gear, but it will keep you dry and vents well. If it's windy, a belt of light cord will tame it. As with ponchos, a windshirt with good DRW and some water resistant gloves are good when you use trekking poles. If you can get over not looking like you are a model for ArcTeryx, you have a nice shelter and rain gear :) It's still a super light shelter, even if you don't use it as rain gear and it takes up very little pack space.
As with any tarp shelter, you don't get bug protection. There is the mating Serenity Net Tent, but I think the way to go is a light bivy with a bug screen. That can be lighter and the same or less cost and adds warmth to your sleep system as well as more weather protection. A bivy is easier to rig too. The SUL bivies with a waterproof bottom, breathable topside and a bug hood.