Oware Hot Weather Bivysack (5.57oz , $69):
http://shop.bivysack.com/product.sc?productId=75&categoryId=2
Bought this during the (Current? Listed in the forums) sale on Oware bivy sacks recently. The listed weight was less than other Bivies I had previously considered…
MLD Bug Bivy (6oz , $125):
http://www.mountainlaureldesigns.com/shop/product_info.php?cPath=22&products_id=55
BearPaw Minimalist 1 (+/- 6oz listed, w/ .51 CF, $150):
http://www.bearpawwd.com/shelters_floors/minimalist1_bivy.html
I own an MLD Bivy, it is 6oz w/out any of the lines to suspend it. The measurement for the Oware bivy is measured the same way.
I've never pitched the MLD bivy, but it has to be more roomy based off the looks and because you can suspend the foot end. I am 5'9.5" and the Oware Bivy (regular) is just at the minimum size that I think I'll be comfy. (My pics do not include a sleeping pad, just Marmot Atom, 40F bag)
This bug bivy truly is a bivy in size. It's not something I would be able to sit up in during the day and read a book while waiting out a storm. Read laying down? No problem. But that's the distinction between the Oware and the others, and with the omission of a zipper, plus the weight savings.
The bivy is constructed well, was true to listed weight and shipped fast.
One (slight) concern is draw string closure. There is a pinhole amount of daylight through the closure where tiny bugs could get in. My solution is to stuff my dirty socks in there to dry out while easily plugging up the hole. So no worries. Now on to the pics:
It comes in a nice little mesh stuff sack w/ some small white cord, and then two lengths of tiny shock cord and then two mitten clips.

Everything received on the scale, 180g = 6.35oz

Just the bivy (no cordage) on the scale, 158g = 5.57oz

Pitched poorly:

Still pitched poorly:

Drawstring closure:

In the end, there is no free lunch when saving weight. It's a little harder to get in and out of, and there is less room under the netting. but for sleeping minimally w/ bugs…this is the lightest (and least expensive!) I've found thus far. GL in your search!

