I have not slept in a hammock since I was a kid, but I have a new Hennessy Hammock on order now, I was not thinking of using it in the winter though. Without added non-compressed insulation I read that they were very cold to sleep in when it was cold outside.
I have done the snow quinzee (sp) camping with my old Scout Troop, after the weekend we parked a snowmobile on top of it; it had frozen very solid.
Good idea about putting the sleeping pad in a sack with your sleeping bag.
Mike