We were also 'done' with the cheap $1 ponchos that are hard to put on, clingy, and tear easily.
We found nice ponchos for our last trip at Walmart. They were stronger heavier duty plastic and we had no problem with tears. Being heavier, they went on better, hung better and were more comfortable, but did get a bit hot.
Our problem with the sturdier ponchos was when it wasn't raining. We had 4 pretty bulky ponchos to try to fold up and store for the rest of the day. We tried folding them as tight as we could and keep them in zip loc bags so the rest of the bag wouldn't get wet. That worked to keep the bag dry, but the ponchos took up a lot of space. We then had to try to remember to hang them up to dry when we got back to the room and refold for the next day. We are commando and try to pack as light as possible in only one small backpack.
After trying both types, we are going back to the cheap ponchos. We buy enough for each person to have one per day of the trip plus a couple spares and don't save them. One and done and they go in the trash. No folding, hanging to dry or taking up space in my bag.
Our thinking is that the convenience and compactness of the cheap ponchos is going to win out over the weight and bulk of the nicer ones.