I'd love a tarp that's multi use, but what do you wear in camp if it's raining? I've considered it, and thought about those disposable plastic ponchos that you can buy. These can't weigh much of anything.
Follow up question: I started a poncho tarp project a while ago but never attached the hood to the cape. For those of you that have the golite (or any other commercial poncho tarp) how long is the "neck" part of the hood? I assume it has to be tall enough to be able to seal up the hood in tarp mode, but I don't know how long that should be.