Dana,
I asked these same questions too.
This year I made the leap of faith to a MLD Soul Side Zip Bivy with the eVent Top paired with a MLD Poncho Tarp.
I would never close up the bivy all of the way, you'll die.
The eVent does a great job on preventing condensation by letting moisture pass through the fabric, but it is not enough to keep you breathing and alive.
When I used my bivy in the snow this past winter, I did close up the bivy so that there was a 4 to 5 inch opening and I was fine.
If you are looking to protect yourself from rain, a small blow hole opening is not going to let much rain in and if you are using a tarp with it, you should remain complete dry.
My bivy does have a loop at the head area that I attach a cord to either the underside of my poncho, which has a loop especially built in for this, or I have used my crossed hiking poles to allow me a place to tie off to.
This is key because it creates a lot of extra interior head space and keep the bug netting off your face. Big bonus is that it feels much less claustrophobic inside when I have that extra space.
If you want to see photos of how I have setup my bivy; check out the BPL photo gallery for Emigrant Wilderness and Yosemite: Lake Vernon. The Lake Vernon trip shows how I used my poles to tie off to and the Emigrant Wilderness one shows how I used the bivy & tarp together.
Hope that this helps and good luck to you.
After using this setup this year, I am thrilled with the weight savings and the more "open" feel by being able to look around 360 degrees from under the tarp.
-Tony