I recently lost my waterproof poncho, which I loved. I found it kept the lower half of me much drier than using a jacket, and I could actually ride in the city in jeans etc during minor showers, and stay pretty dry. But mostly I miss it for long rides where I could stay really comfortable even after hours of moderate rain.

I've been trying to find a replacement, but haven't really found anything that I'm confident will meet my needs.

What I would like:
- lightweight (unlike British-style ponchos which seem to be heavy and trying to keep you warm as well as dry)
- light coloured (or even high vis)
- big (I want to be able to wrap it over the ends of my drop bars, and also to be able to sit on the end of it)
- function over form (a lot of them seem to be trying to be stylish, which is not my concern)

I'm ambivalent about a hood (I didn't use mine much, and if I wasn't using it, it would tend to collect water). Also ambivalent about sleeves - I think they would make it more practical off the bike, but at the expense of cold, wet hands on the bike.

The Exped ponchos look decent but the only review I found was terrible!

Any recommendations? Not very price sensitive.