Dennis,
The advantage of a solid bivy is that it will have the ability to protect you from rain that might blow under the edges of your tarp.
I think that it is safe to say that the majority of people using a bivy will pair it up with a tarp of some sort.
A bivy by itself, even if it is waterproof (mine is eVent), still would need a tarp to give you some above protection for when you need to exit in the morning or in the middle of the night for a bathroom break.
As for condensation, yes, it can be an issue but to some extent you have little control over that….more of an issue of dew point.
All that you can do with condensation is to make sure that your head, nose, and mouth are directly below your mesh to allow for moisture to pass through the mesh.
The top fabric choice can make a different….with MLD bivys, the Momentum fabric is more breathable then eVent, but is not completely waterproof.
Again, like anything else UL, an issue of trade offs.
Having used my bivy for a few years now, I would recommend passing on the eVent top and making sure you have a good tarp to give you plenty of coverage over your bivy.
I chose the eVent top because I was paranoid about getting my down bag wet (I have slept in a wet down bag before) and not having any confidence/experience in pitching a tarp.
As for a bivy being too hot….don't think that the bivy will make it too hot as much as your choice of sleeping bag/quilt.
Frankly, in really warm/mild weather I have taken to sleeping with my bivy unzipped and pulled back so that I can enjoy the open air feeling.
I have woken up with a few bugs in my bed, but have not suffered bites nor have I been carried away by a pack of rabbit marmots. :)
As for mesh bivies….I have never used one, but when I was on the TRT last year, Jay took his MLD Serenity Shelter with him and slept out nicely with no problems.
Again, having a bug bivy is just a further specialization for you to tailor your gear for the exact conditions that you might face…trade off is that you get more interior space than a solid bivy (in the case of the serenity shelter), but no protection from rain.
If you were only to own one bivy and intend to use it year round, I would have to say you would have to go with a solid bivy.
Nothing wrong with having two bivies….sure Ron at MLD would appreciate that. :)
-Tony