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I have the outdoor research bivy. Pic is not of mine but it's similar to what you can expect while actually using it. The picture you posted looks like a MUCH better design.
The pros that I will give mine is that it does work and it's right around 2 pounds, and packs small. The build quality is pretty solid.
The cons: it opens at the back, only at the back. To get in and out, you have to shimmy through the front, much to the amusement of anyone who can see you. If you wake up having to pee, it's an ordeal.
It's a claustrophobic's worst nightmare. I'm not bad about tight spaces but I get a little panicky in it myself, partially due to how hard it is to get in and out. I get scared of getting attacked by a bear or the bivy catching on fire or something and not being able to get out. Or suffocating.
The lid is in two parts, a goretex half and a bug net. Unless it's raining, I have the goretex lid unzipped. Problem is, it's not designed to be held out of the way. I use a carabiner to clip it up to where the pole is, but the excess still falls down close to my face.
You can't do shit in it. Raining? Didn't bring a tarp for a shelter? Lie down in your sarcophagus and wait it out. Can't read in it. Can't mess with anything. You can only lie inside it.
The one you posted looks like a better design because it would be easier to get in and out of, but I would still recommend against a bivy unless you're an ultra lightweight guy who is opposed to just sleeping under a tarp tent.