I've got one bought locally that I sometimes carry on day walks when I'm not expecting rain or am but don't care too much if I get wet. I haven't pulled it out of its packet yet though.
If you tear it a little bit you can always tape it up and get some more use out of it. Or if it just has some minor holes in a couple of places, its probably not that big a deal-you aren't going to use it on Everest.
Good thing to have along as a spare if you are out with dependents or new people new to hiking, or maybe on a popular route and its pouring down, and you pass some poor hypothermic soul. Or going to the footy.