the smaller packaged bivy seems to be higher rated for keeping you warm. That seems counter-intuitive to me. Even if it isn't as I perceive it to be, I still prefer the smaller packaged bag for packing convenience.
I thought the same thing until I used one of the Heatsheets blankets in the Sierras. I ended up making a bivvy of sorts by taping the edges of it with duct tape. It keeps more of the heat inside. (Of course it keeps more moisture too, but at least I was somewhat warm)