Clearwater: This stuff is light enough already...for me at least. I'm not gonzo about saving a fraction of an ounce...I just don't want it to be a burden to have to carry around all the time. There is space to spare. The poncho will crunch down quite a bit more than it is already. The garbage bag is a good idea.

The pegs only weigh 0.35 oz. each. The cord isn't standard paracord, it's much lighter, not milspec, and only rated for about 300 lbs. Instead of having just a bunch of cord in the bag, I pre-made 6 identical guy lines so that they're ready to go and so I only have what I need (4 normally, 2 as backup or if super windy)

Russ: I haven't used it for real as a tarp yet...just some tests at home. My REI minimalist bivy showed up in the mail yesterday. I was waiting for that to show up before going out and trying all the gear together for real. I'd have slept out doors last night but the weather here has been uncharacteristically warm (above freezing during the day!)