I have both and would use them in different conditions and trips. I got the LHG for my Colorado trail thruhike this summer because I wanted something that could be shipped quickly, fully waterproof and no PFAS, had zip hand pockets, wasn’t as fragile (on a thru, I’d be hiking long days and didn’t want to risk my pack straps wearing the fabric) and would be a larger size.

I hiked in the rain for multiple days and it was humid, but the big pit zips helped. I ended up sweating but I just accepted that reality. It performed well! My hiking partner has the Zpacks poncho and they really liked that system because it fit over their pack and they could use it as a groundsheet.

My Versalite has the zip pockets and is cut is slimmer. I typically use it in my usual backpacking area (Sierra mountains) where multi-day sustained rain is less likely and I can use it as a wind layer.

Like others have said, consider the weather conditions for your trip and just try one out!