Length and Size
Waterwear comes in different lengths depending on the intended purpose, while ponchos are mostly the same size as the original military designs.
Short
Short rain clothes don't flap around much in the wind, but only provide full rain cover when combined with long pants. Short splash tops are often worn for wet fun sports. Most are waterproof, but some are just for sun protection. They are small and easy to pack away, and can be used as swimwear.
Short Anorak
Short Cagoule
Medium
Medium length garments may reach down to the knees and provide reasonable rain cover without getting in the way of climbing a steep trail. Some can be shorted in the front.
Poncho
A poncho is basically a square of cloth with a hood in the middle, open on the sides with buttons. Most versatile for camping, hiking, and swimming.
Cagoule
Short and long cagoules are great for wet adventure sports.
Long
A full length rain cape or coat has the best cover, but you give up some mobility. Swimming takes some effort, but you get optimal sunburn protection and a powerful workout.
Hiking capes are longer in the back to allow for a rucksack. They are closed on the sides for better rain protection, with short or long sleeves, useful for walking and hiking, but too large for cycling.