Well it's a little late on the post but here is my first try at a hammock. I uses 70D Ripstop nylon, I followed Jeff's directions for the gathered end hammock.
Outside view with the net:
Inside view, I replaced the foam pad with an air pad, much better.
Another view, the net is just a tulle tube with some cinch locks and 550 cord on the end. perfect.
It all fits in a small bag and weighs approx. 1.1lbs (with out the tarp)
Nothing fancy but I was very happy with it. I have a couple more now, once the rain stops (in a couple months) i'll post them too!