Well, others have mentioned some applications that were not really what you were asking about.
For tarps, and flys, you want the fabric as waterproof as needed without increasing weight. PU coated fabrics are generally more "waterproof" than silnylon. Silnylon is more "waterproof" than DWR coated fabrics. DWR coated fabrics are more waterproof than uncoated fabrics. All provide some measure of water resistance. Generally speaking, Silnylon is used by most light weight and ultra light campers for two reasons. It has enough waterproofness for a week of continuous rain, and, it is fairly cheap. You can get seconds from owfinc.com for 4.20/linyd (about 60-66" wide.)The bears don't care about cosmetic defects.
PU coated fabrics have better waterproof properties, but you pay in weight. Usually 2-3oz/sq/yd or more. Fine for floors, but, it isn't needed for canopies.
Ripstop prevents tears from running too far. So in the event of tying off to a tree, a solid mount, it will not shred completely like non-ripstop fabric. This has the highest abrasion resistance, good strength, and the silicone is hydrophobic, so even a few small leaks can be tolerated where they are not directly under pressure from a rain drop (then it might mist.) Cheaper coatings may mist. I got a batch of silnylon from someone on this list that leaked, new. It appeared to be incompletely covered and was quite light at 1.2oz/yd when I weighed it. It was coated, just not enough.
Cuben is somwhat better for "waterproofness", but more expensive and it has no stretch. Sometimes this is good, sometimes bad. With a solid mount it will shred along the reinforcment threads. The stake mounts, pole mounts are suseptible to additive or cumulative damage. Where silnylon will stretch, and start leaking (easily recoated with mineral spirits and silicone calk) damage is not like that. It will simply drip. It will elongate sewing stitches, soo glue is needed. Both glue and stitching is recomended. And the weight savings on .7oz fabric over 1.3oz fabric is not quite 50%. For 5 yards or less, it will only save 3oz. It is not as abrasion resistant and has issues with folding, which can delaminate/loosen folded areas. This is the second choce, because of the weight, only. It is the first choice of XUL, SUL campers because of the weight. Basically, it is two thin sheets of plastic over a few reinforment threads…more of a film than a cloth…it is termed a laminated material, not a woven one.
For general use, silnylon is usualy used for flys, with PU for tent floors. Often some mesh is used. For tarps, silnylon would be my first choice. A 3ydx3yd (9×9) tarp is 9 sqyd and weighs about 14oz. After seaming, stakes and guy lines, about 18-20oz. Note than seaming, loops, stakes and guylines are needed whatever the material.
The simplest tarp I can think of is to get a 6 yard piece. Fold it in half and cut it. Flat seam it together. Then simply hemm the perimiter. Add loops to each corner, fold and add loops to each center. Over a hammock, this will waste a bit of material where it comes down, but as a flat tarp on the ground it will work in many set-ups. For a bug net, you can tie a small stone into the material till you get the position correct, then sew in a loop as needed. Same for a center loop. Mineral spirits/silicone calk can be used to seal the seams. No waste, easy to sew.