I own two of these tarps. The diamond is the only viable way I know to hang it, which results in a 16-ft. ridgeline.
I am very happy with these tarps (especially since I paid $25 per tarp on sale last year), but they are by no means lightweight at somewhere around 24 ounces, as I recall.
In addition to the weight, the downside of this tarp is the size. It acts like a giant windsail in high winds. In wind-blown rain, you're kinda screwed if you hang it in a diamond. Here's a post and video of how I hang the tarp in inclement/winter weather.
For winter, I had to make Tyvek Grizz Beaks to cover the ends. They worked great and I slept down to 15 degrees with them.