i agree ponchos are very comfy for rain, the condensation will disperse a little if you flap the sides a little but :roll: of course the enerygy used will cause more condensation!
easier option is to only use in pouring rain.
or when you are colder, or if not much activity like around camp.
and use a breathable pack a mac/anorak for longer active use.
another option is to fully proof the under garments like cottons and synthetics with the apropriate nikwax/grangers proofing liquid, this will give you more choice in the water proofing area!
but alas unless someone comes up with a goretex poncho(V unlikely) you will get condensation.
just be thankful we live in an age where you actually have options! :-|