I now use 2mm spectra line in place of the 120lb braid. The fully hung prototype system weighs in at 4oz and packs to the size of a coke can.
The sleeping bag adds a pound and a half and the bamboo adds 2oz per stick. I would not count these last two items, as I would be carrying a sleeping bag anyway if the weather demanded it and the bamboo would be cut on site. If I had to carry sticks, I have some graphite rod that would weigh in at 2/3 oz per stick.
As it has a square shape, I will also use my poncho as a tarp slung over a ridgeline.
My logic is that the 4oz core system would replace my 26oz HH hammock or 10 oz sleeping mat, and while it is smaller and lighter than either, it is more comfortable than the mat and warmer than the hammock.
This, or rather Version II, will be my cold weather rig this season.