Assuming you carry a windshell already for use in most precip, I'd ditch everything else in favor of a poncho-tarp. Golite is still the best balance of weight, quality, and cost.
Emergency blankets and bothys work. Condensation getting you damp is an issue. A skillfully deployed tarp will keep precip and wind off, and reflect heat from the fire, all while not trapping moisture around you.
I was pinned down by lightening during a day-long mountain bike ride years ago, and by the time the storm moved on it was dark and I was drenched. Already being off route (read: a bit lost) I elected to build a fire and curl up in my emergency bivvy around it. For one night this worked fine, though it was clammy. During the Wilderness Classic several years ago my partner and I used mylar bivvys and a fire for shelter, including an 18 hour stretch waiting out a storm. We bivvied three times, and moisture retention within the system definitly impeded comfort the second and third times. Two years ago during the Bob Open I bivvied around a fire under the Golite poncho-tarp during a snowstorm. I had fairly modest insulating clothing and no sleeping bag. So long as the fire was burning well I was quite comfortable, and most importantly the next morning all my clothing was dry, thus allowing me to keep moving safely.
Use like this will put pinholes in your poncho-tarp, but that's easy to repair.
Food for thought.
