The ring is part of the whoopie set-up, but I had a couple of places where the trees were so close together that the whoopies wouldn't have allowed me to set up my hammock - so I simply used the triglides this way (the whoopie sling hangs unused from the ring - the webbing bypasses it completely).
You can use the webbing directly on the rope that is attached to the hammock (where the triangles are attached) - but this means that the webbing will be stressed more than with the ring. I'm planning to order a couple of rings from Whoopieslings.com to use with the triglides and webbing - that's a much cleaner and nicer solution. Ring and triglides together don't weigh more than the original triangles, I believe.
I'm also planning to get rid of the webbing loop by attaching a short piece of webbing to the ring and the middle part of the triglide permanently, and then slide the suspension through the triglide. This way the triglide stays in one place, and from what I could see in tests, it whould be even easier to fine-tune. But that remains to be proven. The current solution is a bit more flexible and - similar to the Warbonnet original suspension - allows to set up in very tight spaces (which is not the case with whoopies...).
Hope that helps.