The Heetsheets material doesn't do well on the ground (punctures), but it's an excellent protection if you're under a tarp in a blowing rain or if you want to stretch your sleeping bag about 10 degrees. I've used the emergency bivy under some pretty nasty circumstances. It stretches a lot better than mylar, so it makes a great bivy against the rain, especially if you're trying to protect your 850-fill down sleeping bag.
For a groundcloth, polycryo or cuben is the way to go, IMO. Poly from Gossamer gear is uber-light and really inexpensive. You can also get it from some local hardware stores.
The cuben groundcloth from zPacks is a bit pricier and more than a tad more expensive, but it has those nice sidewalls, and Joe builds it to last a lifetime.