That's a really cool looking thing! reminds me Russian military plasch-palatka. Perhaps slightly on a heavy side, but still it should do a good job
If I had the need for a lightweight shelter, I think I would get the Hilleberg Bivanorak.
http://www.hilleberg.com/home/products/bivanorak/bivanorak.phpLong enough to cover legs and feet. A hood. Fully waterproof. Able to cinch shut the opening for hands and feet and therby have a protectiv sack. Weight only 1 pound 4 oz.
This is also a great thing! Amazing!