Great pick for serious UL rain protection
This is a great piece of gear if you're willing to go the tarp/poncho route. I use it (along with a Montbell waterproof sleeping bag cover) as my only shelter here in the northeast, and it's been very effective. You'll probably want to have trekking poles to set it up as a effectively as a tarp, but if you're creative, you can go without.
As a poncho, it's even better. Great hood, good overall coverage, larger area, and lighter than a lot of other comparable products.
I wish it came with a cord to cinch around your waist, and I added a couple extra guy points (it comes with 8), but otherwise this is a great product.