The selection of a good winter poncho will likely come down to choosing fabric content that provides protection from the cold. Some fabrics perform this function much better than others. Fabrics such as wool, down, and leather usually provide a great deal of protection from both wind and cold. In addition, some man-made synthetics such as pile and fleece are considered excellent choices for warmth. A winter poncho made from any combination of these fabrics will probably meet your needs.
Fashion may or may not be a factor in choosing a winter poncho. It really depends on your taste and needs. You will eventually have to decide if you want a winter poncho based entirely on performance or if fashion is more important. If performance is your main priority, you will have a great many options; however, finding a winter poncho that incorporates both performance and fashion will likely limit your choices. A very warm poncho may look bulky and cumbersome when compared to the sleek look of the more fashionable styles.
One way to achieve both style and warmth is to layer your clothing. For instance, if you wear an undershirt, a shirt, and a sweater underneath a lighter weight poncho, you will probably be able to achieve the same amount of insulation as you would get from a heavier, more insulated poncho. Layering clothing tends to help keep body heat in, while protecting the body from the cold. This would be one option to consider if you really like the look of a particular poncho, but are unsure of how much protection it could provide.
A good winter poncho should probably have an attached hood. Ponchos are made both with and without hoods, but having a hood is one more way that the poncho can serve to keep you warm. Having a lined hood is even more desirable. Another thing to look for in a poncho hood is a the type of closure it provides. Having drawstring closures will allow you to tighten the hood around your face and ears, which will help protect them from cold air.
In addition to protection from cold, you might want to consider purchasing a winter poncho that also offers protection from moisture. This type of winter poncho would typically be made of waterproof or water-repellent material. Many synthetic fabrics are design to be moisture-proof, but they do not always provide a great deal of warmth. A moisture-proof poncho should probably include a lining that is designed for insulation and warmth.