Many of the modern popular shaped-tarp shelters today are simply variations of the half-pyramid, with beaks added.
I have a SMD Gatewood Cape that I think is awesome for its dual-purpose roles, and for its coverage. Plus, SMD makes a matching bug inner tent for it.
The use of a poncho tarp got real popular around here a few years ago, but then seemed to fall out of favor with some who thought they'd rather have separate pieces so they could walk around camp in the rain outside while their shelter was up.
But I think this format will gain popularity again. And I think the Gatewood Cape is the best implementation of the format.
After using a 5x8 flat tarp, which is basically what most of these poncho tarps are, I found the Gatewood Cape to be roomy and tent-like inside, with great protection from weather, and only 3 ounces heavier than my 5x8 ID Siltarp. It is WELL worth those extra 3 ounces when the weather turns bad. And I saved weight with the Gatewood Cape anyway because it doubles as my raingear.
The GC with bug inner-tent weighs 18-19 ounces as a combo, and it's also raingear and the net tent has a floor. It has a working front door that ties-back if you want, and it can vent out the hood at the top, and has a floor in the net tent, and it stuffs into its own pocket so you don't even need a stuff sack.
Let's look at the popular ZPacks Hexamid. The bug net version weighs around 10-11 ounces, depending on how it's outfitted. And it's cuben fiber and expensive.
But it has no waterproof floor, and if you add even a groundsheet, you add 2 ounces or more. Otherwise, on wet ground you will get wet.
And if you add raingear, it will be hard to find raingear that's less than 5-6 ounces total. And if you do find it, it will be expensive.
And the Hexamid, nice as it is, is not a double-wall shelter, and the Gatewood cape with inner net tent IS a true double-wall shelter.
So, the GC is pretty competitive because of this dual function capability it has, and the cost is generally less than cuben fiber alternatives that might be able to match it for weight vs function.
I personally think it is a very good package that Ron at SMD designed.