I bought this for a thru-hike of the JMT, and was very impressed. I hiked it in one of the rainiest seasons in recent history, so this thing saw its share of thunderstorms and even made it through a couple hail storms. It held up very well, no issues with durability. Other than my forearms, which are exposed with this poncho, I stayed very dry while hiking. The design was great to keep from overheating; air is able to get into the poncho unlike with normal rain jackets that are worn under your backpack.
The only issue I had with it is that in the worst weather when the wind kicked up I had to work a little to keep the poncho down. Maybe on future models they can include a small drawstring around the bottom to help prevent that. But as it is now, it's only a minor inconvenience.
I used this as a groundcloth a couple times for my tent and while cowboy camping and it worked fine. I never used it as a shelter; I'm 6'2" and am too tall for it to fully cover me.
This review was written in the old system and had content requirements that are different than reviews written today.