After a storm caught me off guard, I realized my cheap poncho outlasted my buddy's high-end gear.
I was on a weekend trip with friends, and we got hit with heavy rain. Everyone had those pricey waterproof jackets, but I just had a old poncho. They were soaked through in an hour, while I stayed dry. In my experience, sometimes the basic stuff works just as well, if not better. Your mileage may vary, but I'm sticking with my poncho for now.