I've tried quite a few things. What seems to work is wrapping my gear in a light weight poncho I carry and putting it underneath my hammock. I once woke up after a long night of rain and found my pack wrapped up in the poncho floating around, but nothing got wet. I tried a thing similar to the Mollypack gear box, but working out the suspension of it below my hammock just didn't work for me. Maybe I need to work on it more.
Plus, I use a ULA Epic pack, which has a water proof dry bag for the gear. I use to recommend people not get waterproof packs, but it's worked out quite well for me.