i don't see much advantage to something like this if it is to be light and portable, those pieces are fairly long, and the resulting stand is short lengthwise and heightwise, meaning even longer pieces for a good sized version. it might be easier to setup, but it isn't versatile (fixed height and length)
the only thing i see is that the design provides the side to side stability, this way you can have a stable hang with only one stake per end. if you just use a single verticle pole at each end, you could use one stake (if it will hold, depends on stake and soil) it will just lean to one side and move around, and might even fall over, however by using 2 or more stakes per end, the single pole will be stable, but, unless you will be carrying those monster yard screws, you will need multiple stakes per end anyway, so there is no need for a more stable frame, seems like overkill on aluminum tubing to me.
did you see the post where frodt hung from a single ski pole at each end? something like this is the ultimate in lightweight portability. i would want it taller than a ski pole, which would require it to be larger dia possibly. collapseable would be mandatory if it was any longer than that.
i think that carrying just one end of the stand would give alot of versatility, you can almost always find at least one suitable tree or substitute.