I would get one of these:

Polyurethane-coated nylon
more durable, heavier (14 oz), cheaper ($22)
http://www.campmor.com/webapp/wcs/stores/servlet/ProductDisplay?productId=39295901

Silicone-coated nylon
less durable, lighter (8.5 oz), more expensive ($45)
http://www.campmor.com/webapp/wcs/stores/servlet/ProductDisplay?productId=9996340

If hiking, the weight you're saving by not having a tent or separate tarp more than makes up for the extra 5 oz of the poly-coated nylon.

(I'm not affiliated with the manufacturers or campmor.com.)
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Bushcraft Science: It's not about surviving in the wilderness, it's about thriving in the wilderness.