I have a couple of them. They have slits with snap closures for your arms.
I bought them from Sportsmans Guide a few years ago, to see what they were like.
Not bad, but if you can get a U.S. camo poncho, you would be better off.
I prefer my "G.I. Poncho" as Frank Zappa would say.
The swiss poncho. Form fitting, waterproof- from the outside. Sweat from the inside though if youre active. Good quality, stout... They are not a 'rectangle' and wont work well for groundsheet/tarp/hooch. I like the German ones, OD, heavier duty than the US ones. US ones are light, but good. Get a new one, not a well used one if you do. They rip/tear easy. Tie up the hood for shelter use. Frogg Toggs or goretex for wearing, poncho wont keep you dry unless its sprinkling and youre standing under a tree all day.
Forget about them, they look like fake models.
Try to get german ones. They are known to be the leaders in NBC tech. I was able to gather two brand new german ponchos-not cheap tho, but built HD. Sachson mentioned it already.
If you tend to sweat lay a towel around your neck- we did it in the military. The HD poncho is your best friend.
There is also a proper folding techniques available.
I got one of the Swiss ones. They look a little strange color-wise indoors but blend in better than you expect outdoors. Pros- It is heavy-weight, good snaps, good hood coverage, kept me dry while fishing. I really like the front snaps as it makes the poncho easy to get in and out of. Cons- arms get wet when you stick them out of the slots, its heavy and bulky so likely not suitable for hiking, material does not breathe so you can get sweaty if you are active. No grommets. Best use: keep in car for emergency use, wet sporting events.