I carry both, but then I am equally likely to be wandering around in the desert as the mountains. The space blanket will provide reflective shade while the cheap translucent ponchos will not. They also make better fire reflectors.

Regards, Vince

I highly recommend the Fenix lights. I purchased the L2P about six weeks ago and was so impressed with this light that I now own three of them (2-L2P and 1-L1P). They're very well made and put out a tremendous amount of light for a AA powered flashlight. They are expensive ($42-47 at lighthound.com), but worth it.

Have you considered using a large plastic bag instead of both? One large enough to crawl into feet-first. A bag is often better than a blanket because it loses less of the air you have warmed with your body. You can turn it into a poncho by putting it over your head and tearing a face hole.