The challenge or problem with selecting kit where something does more than one function means that a malfunction means more than one use might be compromised. For example using a poncho as your shelter (tarp) means that a malfunction of either function compromises the other. Overlapping function makes more sense.
I am becoming more attached with my Snugpak gear because for the extra weight it is quite robust. For example the Patrol Poncho is a poncho but cannot be used for anything else.
Continuing; I have a jungle bag and a jungle blanket. In hindsight I’m not sure why I bought the blanket because the bag opens and can perform dual duty. They are about the same weight. The only difference is the internal pocket, mosquito mesh, zipper. (zippers might not be hammock friendly.)
Recently I have started to use my Patrol Poncho. The best part is the pocket. It keeps my hands warm and dry. But then Snugpak also offers a poncho liner. The liner is essentially a jungle blanket with sleeves and hood.
This is clearly useful in many ways. But as I was thinking about an upcoming winter hike in Lake Tahoe I cannot imagine walking through town with a black poncho and not being labelled or targeted. This reminds me of a BOB demo where the presenter was talking about colors and how camo might draw unwanted attention if bugging out of a city.