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Hammock fag here.
I basically just have a hammock, SOL Escape Bivvy (breathable, so no condensation), and a tarp that I string over the hammock for shelter from rain/snow/whatever.
Pretty compact sleep system that only takes up like 15% of my 50L pack and is good for temps down to about 40°F. Only shitty thing is if there aren't any trees around then I'm fucked.
I will be looking into getting a real sleeping bag soon though so I can tough out those freezing temps but for where I'm at it doesn't really get any colder than 25-30°F. I could pack on some layers, slip on my bivvy, and hammock through the night.