Jim, I love my Gatewood. It's one of the few pieces of gear I really don't think about replacing --except maybe with the new version that's lighter. It provides great coverage from all sides by itself, but I use either a light bivy or the net tent underneath as a ground sheet and mosquito barrier.

I've used my old Golite poncho in a diamond config a few times, both on the ground and over a hammock. I've seen a few videos of people putting them up in half pyramids and such, but I like maximizing the length and sleeping under the diagonal.