Doesn't Frogg Toggs make an inexpensive and supposedly-breathable poncho?
Might that vent a little better? They are light and cheap enough. I don't see the point is spending much money on a poncho unless it is also some sort of fancy shelter, and even then I'd rather have two separate items to fit those bills.
Me, I only use a poncho when I don't care if I get wet :)

