I would like to see some photographs of shelters made with a space blanket.  The only use I have put one to so far is to put it under me in a tent and make some shade by duct taping it to two poles.  It seems too small and frail to make a shelter with.  
I think a 7’ jumbo trash bag might be more useful.  If it is raining you can stand in it and pull it over your head.  You can use it as a ground sheet.  You could split it in half and make an A-frame or L shaped lean-to shelter with part under you and part over you.  You could make a tube tent out of it.  You can put leaves in it to make a blanket.  You can put snow in it and place it on a dark surface to make water.  Smaller trash bags are not as useful.  There is the Coghlan’s Emergency Bag and the Survival and Outdoor Safety trash bag.  I have tried both.  The SOS bag is thinner and folds smaller.  The MPI heavy duty Space Blanket and a 7’ trash bag make for a great survival shelter.  Add about 15’ of cord and 6 small steel tent stakes and you can slap up a shelter in a matter of minutes.  These items easily fit in my CamelBack Blowfish aka survival bag.
  
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Thermo-regulate, hydrate and communicate.