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I have only one problem with the poncho-shelter concept... what if it's raining and I need to leave the shelter?
Check these out. http://www.hennessyhammock.com/index.htm it's more than a tarp shelter, but packs down smaller than a football and sets up in notime. I used it for the first time on a kayak trip around isle royal and it was the most comfortable camping I've ever done. bye bye tent hello hammock. I admit i was sceptical about the idea, as i don't favor sleeping crammed up in a ball, but i can actually lay on my stomach in this thing. It can be set up on the ground if there's no trees, but no more laying in puddles or on the hard ground. Some people still put a pad in them, but i didn't and didn't feel that i needed it. They make insulated liners for winter camping as well.
if you do hiking / canoeing out back trips you've got to check this out.
I carry a 10x12 sili nylon tarp. Stuffs down to nothing and is the bomb. I seal it to the ground low for cold weather and hook up a candle lantern to the roof and it warms up nicely.
Skam