If I had the need for a lightweight shelter, I think I would get the Hilleberg Bivanorak.
http://www.hilleberg.com/home/products/bivanorak/bivanorak.phpLong enough to cover legs and feet. A hood. Fully waterproof. Able to cinch shut the opening for hands and feet and therby have a protectiv sack. Weight only 1 pound 4 oz.
This is almost identical (just perhaps slightly longer) with what we used to call a "cagoule".
As I said up thread, there is a more or less complete continuum from "bivanorak" (or cagoule) to bivy bag to bothy bag. I guess it just depends on if you are a lumper or a splitter. If you are a lumper then it is mostly just semantics.
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