I use the undercover, pad and a space blanket (cut to size). I dont have the top cover. Ive never been too cold on my back, and never had a condensation problem. When I have used it on colder nights (5°C=40F) I have added a sleeping bag and been too hot; this winter I will try the sleeping bag as a blanket.
I normally car camp, so I pack all four layers (uc, pad, spaceblanket, and hammock) away together in a large compression sack. If I wanted it in a more compact form for hiking I would packing the components individually, which is a hassle.