While 2 issue ponchos make a good hootch, 3 are better. If you sleep perpendicular and use some line on the hoods to hold the sides out you get an amazing amount of space. 2 above, one under, or 2 above, 1 for the side the wind is coming in.

Never really wore a poncho when it was raining. Wore the issue rain suit under my uniform (quieter and warmer).

Also, one poncho and two liners makes a really warm sleeping bag. The heavier rubber poncho is better than the nylon one, but you do sweat.