I've been bike camping fairly regularly for about six months now, and I found myself looking to upgrade my (admittedly cheap, heavy, and outdated) surplus store pup tent in order to reduce my payload. So, naturally, I looked to the internet for ideas.
After several searches around at tent/bivy prices, weights, and sizes, I stumbled across Sgt. Rock's homepage. I was sold on the idea of a hammock that kept you dry and bug-free immediately. The heat down here in Florida gets to be something fierce for about six months out of the year, so the extra cooling "problems" associated with hammocks are actually a large plus for me.
That, plus the four-pound weight and two hundred or so cubic inches of volume that my Hennessey is saving me over the tent I had, is amazing.