This was probably the most valuable $20 I've spent on a piece of backpacking gear. Sort of like the towel in Douglas Adams' Hitchhiker's Guide to the Galaxy book, this poncho is versatile and does a lot. Some of the uses I've found for it:
* Ground cloth for eating meals on
* Tent footprint in a pinch
* A cover to keep dew off your stuff while sleeping
* Hunter flag so hunters don't blast you
* Covers you and your pack during a downpour

While you'll probably get negative style points for wearing this, you won't give a damn because you'll be in the middle of the woods. Some more info on the product:
* Fabric is sturdy yet light; not PVC or flimsy nylon. It's more like a light-weight coated, woven nylon texture. Kept me dry in a thunderstorm.
* Snaps on the side are plastic and set through the fabric. There's no reinforcements around the snaps so I could see this tearing easily if you just pulled on the fabric to undo the snaps. Use caution.
* Hood is ample enough and has drawstrings. No cord stops or anything on the drawstrings so the addition of some spring-loaded stops could be useful.
* Hemmed edges. Feels like quality stitching.
* Comes with tiny matching stuff sack with snap closure. Rolls up to the size of a modest burrito.

If you're headed to the woods for a while, I highly recommend this. I have yet to wear it in civilization, but possibly soon. I can see myself using this on the bike someday.