Excellent in warmer but only slightly damp weather Andrew Baker, Albury I have used this bag like a Bivvy bag on many trips, usually a couple of nights..
It does provide a little extra warmth though not as much as a proper bivvy. In warmer weather the plastic tends to make you sweat inside it too.
It certainly is not waterproof. Under proper rain you will get wet without some kind of other covering. And water seems to seep through the bottom if the ground is wet.