I use a hammock alot in the bush mainly to avoid having to find good ground to sleep on. Central Brazil is a very steep and rocky place in the higher elevations and the lower forests are choked with undergrowth and the ground is littered with rotting debris covered with ants and assorted bugs.
I have found that a poncho does not give adequate cover for the rainy season here. I use a larger 2.5x3.5 meter plastic tarp to give a decent sized dry area under the hammock for cooking , changing etc. This makes a rather large but very comfortable shelter.
In heavy rain you have to shelter the cords of the hammock or they will turn into rain gutters and wet your back at night. I often use my poncho hood hole for this attaching the edges of the ponch to the tarp to seal off the side where the wind is blowig the rain in. I tie the hood right up to the tree covering the cords. A plastic bag threaded over the cords also works but can be sort of noisy if you use the crinkly kind of plastic. Mac