They can be pretty heavy and not flap so much (e.g. DD Hammocks http://www.ddhammocks.com/product/poncho ) or lightweight and flap more.
I find that a heavier one keeps the rain out better and, as Parky says, can use it as a shelter. Venting is by flapping it or leaving a couple of poppers open. you can also throw it over your shoulder Clint eastwood style!Take a punt on a cheap one? £5http://www.militarymart.co.uk/index.php?_a=product&product_id=617I wouldn't do tricky stuff in it, might obscure feet. And no pockets
Decathlon sell zip fronted ponchos with separate lower arms (a bit like Packa/Parcho/Roger Caffins mountain poncho).
Or there is the Trekmates Deluxe poncho which seems to have full separate arms.
Umbrellas are as breathable (from the users point of view, at least) as waterproofs get. If you're using a pack Rohan do a "hands free" model that attaches to one. No idea how well it works.
Not necessarily the greatest in wind, but then that's a bit of a thing with a poncho too.
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