They make a quick lean-to rain shelter as long as you have enough support poles under them. Gather a smooth pebble up in the corner and tie your cordage around this to hold it up.
Build a fire and firewall out in front, and the stuff reflects the heat pretty good -if it doesn't melt around you
They won't last long, and if the wind's blowing....watch out.
For the 2 bucks or so that you pay for them, and their lightweight, it's easy to keep 3 or 4 in your kit.
Nothing beat a military ponhco for improvised shelter or blanket, in my opinion. Rocks heated in a fire, or a few coals placed on the ground and then squatting over this with your poncho spread out to trap the heat will warm you up quickly. Be careful not to burn your ass, or your poncho though.
I also agree with Normark, contractor's grade trash bags are one of the best survival secrets yet - ground cloths, improvised shelter, improvised PFDs placed inside your pack, solar stills, water bags, ponchos, something to smother your mother-in-law with and place the body in...the list is endless.
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Randall's Adventure & Training
jeff@jungletraining.com