The lightweight backpacking crowd has developed several tents which are equivalent to this. Typically they are made of silnylon, which provides great water resistance and require trekking poles to erect a fully independent structure. The description for this product says nothing about any kind of coating to protect against water, a real drawback.

i agree, a simple tarp would do everything this can accomplish. If I were to go all out, I would get a Gatewood Cape, a lightweight and sophisticated tent/poncho design weighing 11 oz. It looks like a better shelter, is water resistant, and can be worn as a poncho as well. Cost is $135, however.