I have used several different versions over the years, all due to unplanned nights out, primarily during September- October archery or early rifle elk hunts at anywhere from 8-11k elevation in Colorado (10-30 degrees, with a candle, or small fire). One really unpleasant night during 3rd rifle when I lost my truck on a sage flat hunting mule deer (5-10 degrees out and snowing, with no fire). The thin ones are pretty useless, they will reflect heat, and as others have mentioned, are best used behind you with a fire to reflect and trap heat. As a "bag" you will just spend the night constantly adjusting to keep them over you. Although there is a noticeable difference between the parts of the body that are covered, and those that aren't, enough that trying to stay covered becomes important. The thin ones are better than nothing, in a survival situation, and a slightly better flat sheet (such as an SOS) is much better than the .99 gas station version.
I carry an SOS bag and flat sheet, and plan on building a fire to maximize the heat gain from using one. It will be an unpleasant night, and you probably won't sleep more than 15-30 minutes at a time, depending on how well your fire stays burning. But you also will have a better chance of not getting hypothermic. Paired with a puffy jacket, and puffy pants, which I put in the critical survival gear category for back country hunting, they may make the difference between an unpleasant night hunkered down, or a brutal night trying to push back to the truck, exhausted, cold and likely to get injured. Shooting an elk in a deep canyon at dusk, 5 miles from camp, and 10 miles from the truck, in mid-October, with snow on the ground, you may not have many other options.
They are what they are, a piece of survival gear, that you hope not to use, but when you need them, they are critically important. I replace mine every few years, after opening a few old ones and having them fall apart. The Blizzard multilayers that
@mtwarden linked look like a nice step up from the SOS, which are head and shoulders above the cheapies. I will probably add a 3 layer bag to my emergency bag, which goes with me whether I am on a day hunt from the truck, or on a 10 day backcountry elk hunt in deep in a wilderness. What is important is to keep the other critical parts of this survival system all packed together for easy access and use, when you are shivering, tired, and stumbling around in the dark. Firestarters, of whatever flavor you choose, packable insulation layers, and a way to reflect and collect heat are essential, in my opinion.