Thanks. In the videos I have seen it looks like a lot of material. The Zpacks poncho is sewn with a taper inward towrds the legs giving it a more narrow shape. The stiffness of the Cuben fiber though makes it stand out from the body quite a bit.
I do think ponchos are more breathable than most shells simply because of the extra room and not being as enclosed. The Gatewood is more closed in than some ponchos but not as much as any shell.
Ideally I would want a breathable Gortex shell like the Marmont Minimalist for unladen walks or with just a small lumbar pack and have a poncho for those with a larger pack where I plan to spend a long day outdoors with rain very likely. The gatewood would also give me the option to rig a quick, simple shelter for a long lunch too. For the videos it seems to setup easily.
Thanks for the info.