I depend on a poncho and an AMK Heat Sheet bivy bag for summer day hikes backup. If I have it together enough, the poncho can be rigged as a lean-to tarp shelter with the bivy bag under on a bed of debris or conifer boughs and a fire if needed. If I'm not ambulatory, I could just use the bivy or wrapped up in the poncho. I don't carry other rain gear for fair summer weather day hikes.
I have weathered a nasty rainstorm holed up under a tree with my poncho completely covering me. With a basic sit pad and my pack in front of me, I was warm, dry and comfortable. I could open the pack for snacks without getting a drop inside. Add radio and kick back for a break in the weather. It wouldn't be fun, but I could spend a night that way and live to complain about it :)
I think that is the way to think about any non-insulated system— keep yourself reasonably dry and cut the wind and you can get through a long nasty night. You won't be cozy, but you'll survive. Anyone with the essentials– some extra clothing, food, lighting, fire making tools and some basic shelter could go for days if need be.
I own one of the AMK Thermolite bivys but I have never used it. The Heat Sheet bivy is so much smaller and lighter, it has been the first choice to throw in my day hiking kit. Someday (in August) I want to try a uber-minimal summer kit with the Thermolite bivy, poncho tarp, a light pad and a no-cook menu.