I would agree wholeheartedly with Lori. I use pretty much the same procedure for making camp when it's raining, and the same in the opposite order to break camp in the morning. I use LL Bean instead of REI for the long sleeve synthetic, but same idea.

I would say it's also quite helpful to stop if there is a break in the clouds during the afternoon and get anything wet out in the sun for as long as you can.

Depending on the trip, I might take a light raincoat instead of the poncho, but only if I have a reliable pack cover/liner. The one or two times I've managed to let all my gear get wet overnight in an improperly protected backpack, I was forced to grit my teeth as I carried sodden/drying gear for days. Not the best.