I've no experience with a hammock, but have started thinking I'd like to get one to try out.
I have spent many nights, and long rainy or snowy days, in various tents and under tarps and ponchos set in various patterns. I greatly prefer the tent. They are much better at keeping weather and bugs and other crawlies, snakes and skunks, out. The difference in weight is negligible and worth it to obtain a comfortable night's sleep. When operating in extreme conditions, say elk hunting in the late season in Colorado Rockies, or quail hunting in the Arizona desert, the need for good quality sleep cannot be overstated.
When comparing tents and hammocks or tarps, I find little need to include the sleeping bag and pad, as they will be used with either type of shelter. The need to insulate under the sleeping bag is the same with a tent as with a tarp, and I suppose as with a hammock.