It is all a matter of the classic sleeping bag tradeoff: more weight and bulk for more warmth.
The HeatSheet bivy is the smaller & lighter model. But the ThermoLite has a bit more insulation value (though slight). You pay for that with more weight & bulk.
This is the same deal with the MPI bag. It actually provides dead-air space insulation, but (once again) at a higher premium for weight and bulk.
Here is a link to the manufacturer of the MPI bag. It is very interesting technology.
As always, it boils down to your intended use. If we're talking about a car kit or something where you aren't carrying the weight, the MPI bag would be awesome. If you are on foot, the lower weight/bulk products might be a reasonable compromise, especially when combined with gear you'd have on hand in addition to some creative bushcraft.