It is an excellent choice for rain gear. I like that it acts not only as a rain jacket for me, but doubles as a pack cover as well. As far as its sheltering possibilities, I find a lot depends on your size & comfort levels. The bigger you are, the more trouble you will have finding just the right pitch to give you the comfort level you want.
I have been looking at the same for just a poncho and emergency shelter. Does it fit well as a poncho over a full pack?
"Sometimes you have to make a clean break from the past to make a new beginning"
You might also want to look at the Six Moons Gatewood Cape. A bit more coverage in shelter mode, but it tends to be too big as rain gear for vertically challenged hikers. I have one and it works well enough, but like any poncho-tarp it is a compromise.
This is an adventure.
I have one of these and have used it as a tarp overy a hammock. Nice set up.
"over" a hammock.