I experimented with IX and it is okay for summer use, but I would use an under cover with a simple IX underquilt, which adds weight, expense and construction time. IX is touted as magic, but it is just some polyethylene foam with a reflective layer and some micro perforations in an attempt to make it breathable (it really isn't). I think two layers of loose space blanket will deliver about the same performance if used with an undercover.
2QZQ sells under covers for $35 in ripstop or silnylon, which I think is a bargain. An undercover can be used with Garlington Insulators, which are the quick and dirty bottom insulation solution for hammocks— for summer stuff, IMHO. See http://www.garlington.biz/Ray/HammockInsulator/Insulator.htm . If you like the under cover idea and use a poncho, it is simple to make a combination poncho/under cover and get the multiple use weight advantage.
IMHO, once you get much below 50F you need some real insulation. IX blocks wind and convection, but it is nowhere near what a thick layer of insulation like a lofty down, Climashield or Primaloft UQ will provide. Of course the down/synthetic debate on an underquilt is identical to their use in clothing or a top quilt: wet performance, durability, cost, loft/weight, etc. For MYOG, using synthetic batts does allow simple construction and sewing techniques. One thing that helps with underquilts is using a design with a differential cut– tight to the bottom of your hammock and loose on the outer cover to allow maximum loft. You want to eliminate any gaps at ends and sides, and a differential cut helps. Simple flat synthetic underquilts need some care for pleating and shock cords to snug them up on the ends and prevent gaps. Making a full length UQ gets around that problem, but then you have the extra bulk and weight. I've thought about a UQ with plain ripstop ends to help avoid gaps and simplify suspension while avoiding the bulk of running the insulation all the way out to the ends. It's all compromise, like any gear design.
In very cold weather, I think a full length UQ is worth it. Shug has a video on hammock camping at -26F! http://www.youtube.com/watch?v=Jnoo4BPe2eo&feature=relmfu