To each their own I suppose. I must say 2 things - 1. I would never buy it, 2. It is cool.
My tent set up is just a bit over that weight, and it is a VERY durable 3 season tent (more like a 4 season as it has full panels that zip in for full double wall protection). Given the protection, I'd rather have my tent - and I've used it in some pretty extreme conditions, none I would be willing to subject my hammock to. I would also not trust this hanging tent in like conditions.
I think it has its place. It is a unique idea. I can't see this thing's intended purpose as being a backpacking shelter. It is entirely too heavy for packing miles. I have packed some miles with my tent, mostly because that is what I started with when I first got in to backpacking. I bought my current tent before my second trip because my first trip was in late fall and we experienced more winter weather than fall weather - and I didn't have adequate gear. Then after a few years of ground dwelling I graduated to hanging. I have yet to sleep in a tent since. My blackbird is a fantastic shelter and offers a ton more advantages over a tent, but it also isn't without it's drawbacks too.
Advantages and drawbacks to a regular hammock vs. this hanging tent - two trees are all you need. I couldn't imagine trying to rig that thing up at some camps. That is where the weight is - the ropes and rigging to set it up like that. A conventional hammock and tarp is more simple.
If you are "camping" and not "backpacking" then this might be a nifty option. It is pretty slick, but you have to have the means to get it where you are going and also the luxury of time to set it up right. My blackbird and big mamajamba tarp/door kit takes enough time to set up for me. I could simplify things with the tarp by itself (and I have done that on numerous trips) but I really like the added protection (especially in the winter and a rain storm) that the doors offer. They just take a few more minutes to complete the set up.
So yea, cool concept for sure. It just doesn't fit well for a backpacking type shelter.