I have ordered kits to make Bilgy Parchos for me and The Man. We don't believe that a poncho can serve as both a shelter and rain gear unless it's near 100% certain you won't need to use it for rain gear. This is because if you are using a poncho as a shelter, you probably want to leave all the tie-downs attached so it's easier to set up at night. Otherwise, you'll be stuck standing there in the rain removing them in the morning and reattaching them at night.
A Parcho is a cross between a rain poncho and a rain jacket. It's basically a jacket with a big bulbout for your pack. It is loose and ugly like a rain poncho so you don't get to hot and sweaty.
We may like them or not. I kind of favor umbrellas and cursing the rain. But The Man usually uses a rain poncho. The Parcho may be an improvement for both of us. We'll see. At any rate, it's another project for me.