A good poncho is just about as versatile as any gear can be. The USGI poncho is part raincoat, part bivy cover, part tent, and all awesome. Hazard 4 has taken all of the functionality and upgraded the materials. The result is the Poncho Villa.
The Ponco Villa is a modernized version of the venerable USGI poncho. It features softshell fabric construction to keep the rain off while still being somewhat breathable. It has snaps to close the sides and grommets so it can be strung up as a makeshift tent. The Poncho Villa packs into its own front pocket which has a Velcro field on the front for displaying ID or patches. There are also Velcro fields on the shoulders, back of the head, and back.
This poncho has even more tricks up its sleeves (or lack there of). Read more at Hazard4.com.