I got a look at a J&G cycling rain cape the other day and it had some features that would be interesting to add to a classic backpacking poncho design.
I'll show one photo and you can find the rest at http://www.bicycleclothing.com/Rain-Capes.html
The cape could be used for walking as is, but it is too short in the back to use over a backpack. It does not have a hood and uses a tall collar with a drawstring. The old BPL poncho had this feature to save weight and it works fine if you wear a hat anyway.
The features of note for hiking:
* The cape design has no side openings
*There are thumb loops to hold the cape out over the bike handlebars which could offer some wind management for walking and should work with poles too.
*The main feature that I like is the way the back is stabilized: it has shoelace-like cords sewn across the back and they just wrap around the rider's waist. For a poncho, the strings could be sewn on the outside and a bit lower, so they can wrap under the pack. They could be tied over the front for a conventional poncho to keep it under control in wind or brush. The strings could be tied in the same technique as the cape by tying them under the front, leaving it free and providing more ventilation. I imagine that light shock cord could be used the same way. I use a belt made from light line and a toggle to do the same, but it can slip. The sewn in place cords would help there and eliminate loss.
