Jack,

I bought a complete Goretex rain suit about 15 years ago, and found that while backpacking with a load, especially when climbing, I ended up wet from perspiration that wasn't transferring out quickly enough. After a few years, I went back to a poncho, but supplemented with an umbrella.

The pros:
- Better ventilation because of the openness of the poncho
- My poncho covers my pack, so I don't need a separate pack cover.
- The poncho can be used as a small tarp.

Cons:
- Less effective in wind driven rain
- It always takes me 5 minutes to get the back of the poncho up and over my pack.

I still have my Goretex, but only use it when I won't be working too hard.

Hope this helps,

Paul