Best poncho

I have used a few, but find I prefer the Integral Designs Silcoat Cape.

It is shorter than the others so only partially covers the legs.

I like the short length because long capes and ponchos are awkward in wind and/or scrambles.

It does cover my pack very well and has good ventilation.
In addition, I use my polycryo ground cloth as a rain skirt if I need lower body protection.

+1 on the integral designs sil cape. It has been my go to summer rain top for the past few years. Paired with a ULA rain wrap, makes for a 8oz rain kit that breathes very well.

+2 for the ID Sil Cape

I recently purchased an Integral Designs Cape. It's long enough on the sides to cover my arms, long enough in back to cover much of my pack and short enough in front so that it doesn't interfere with walking. I modified it by replacing the shock cord with lighter shock cord, moving the shock cord holes closer together, removing the pocket and labels, adding hand loops to the hem, and seam sealing.

I've used it once so far in a breezy/gusty drizzle and was pleased with it's performance. With the fitted shape, shock cord and hand loops, there was very little flapping. I was able to use trekking poles (with a reduced range of motion) and still keep covered. Ventilation was great. Weighs about 4-5/8 ounces. Only negative so far is that the neck is a bit tight for pulling over my head.

-Lance