Since my reliable 4-year old Mickey poncho finally got a little ripped on my last trip, I'm also in the market for a new poncho.
The first thing I did was to get a quickie replacement from
WalMart; they are about $5 or so and can be found in the camping section, and are identical to the Disney ponchos except they are available in about 3 or 4 colors and have no characters or graphics on them of any kind. I got a blue one.
But I'm also shopping around for something more robust. I found a high-quality backpacker's poncho at Dick's Sporting Goods for about $20 that is tougher, larger, and more breathable than those sold at WDW or WalMart. It's also made from a different material, and is lighter weight.
I'm also considering making one, if I can find the right material and a pattern.
My problem is that I am 6'-4" tall and 275lbs, making the standard Mickey poncho fall somewhere between my belt and my knees. Add in the big camera I usually carry, which pushes the ponch out farther in front, and the old standard Mickey slicker becomes more of a Mickey shirt for me - too much of me gets wet when I wear it. I've also never been happy with the hoods on those things - they are far too small for this giant empty melon on top of my shoulders, are made of even thinner material than the poncho itself, and are prone to ripping at the neck seam.
I'll be keeping my eye on this thread for more ideas.