I would have to go with the poncho too. As stated above it is multi purpose. You can also use it as a small raft, if you have to cross any water obstacles. Use it to make a stretcher, etc. Think about getting a poncho liner as well.
A poncho can do anything that a tarp can do, but a tarp makes a bad poncho.
A poncho can do anything that a tarp can do, but a tarp makes a bad poncho.