There must be a reason why most armies have dropped the whole poncho idea and replaced it with a dedicated set of waterproofs and a tarp (basha).
Probably the reason for dedicated waterproofs isn't quite so important for bushcraft, but the reason for the basha being that much larger than the poncho it replaces is.
That said, we used to have to fit two people under each poncho, and i survived (and that was in the day of feather filled sleeping bags and no bivvi bags). It just wasn't very comfortable/luxurious (even for one person), so in bushcraft when i can make the rules, i'd always go for a much larger tarp!
The army was still using dedicated waterproofs and poncho's for years (long before we got Gore-tex), we used to get issued those horrible PVC crisp bags.
Poncho's were good, they acted as a bergan cover, a basha and waterproofs all in one. They were strong enough that you could fill them with spoil and drag it away without being too worried about ripping them.
They did have draw backs, have you ever tried getting to webbing pouches whilst wearing one. Shooting in them wasn't ideal either. They did used to wet out and anything that touched them got wet, so if you had an old one you were gonna get wet anyway. They have a hood and this obscures your vision / hearing, but if you left the hood down then you got a wet head and it ran down inside your clothing, so even if you had a new one you were gonna get wet anyway.
But most of these drawbacks were related to military life.
The new bashas are not as strong, but they are lighter and larger. The goretex that I was issued with last had no external pockets and it was a nause to get to anything inside, but I could. I could open the pouches on my webbing without a problem and shooting was no problem.
If you like the idea of ponchos try one out for a while and see you think