Rating: 5 / 5
As raingear: good coverage, hood could use a pull cord to pull back, but when worn with a billed hat, the hood works perfectly
As shelter: quite adequate coverage when used as lean-to with bivy. I mainly use it as ground sheet with a CatTarp and find it to be quite durable, a dozen nights out and not one obvious puncture or tear.
As packcover: I think it works better than the silnylon cover i've been using since there's no gap between the pack and my back, eventually I figured out that I could remove the backpack without removing the poncho, and that's cool!