I really love hammock camping; a wealth of info to be had over at hammockforums.

I currently use a pretty huge gathered end hammock, a butt-in-a-sling camper XL, 12' long, 6' wide, with a full length hammock gear underquilt and a poncho liner as a top quilt. Made a bottom entry bugnet and a 12x10' silpoly (fabric from ripstopbytheroll) tarp that can be folded inward for 'doors'.

Haven't tried it below 40F but it's super comfy down to those temps. Best sleep I get.

I use whoopie slings for my suspension and just pack the whole hammock/underquilt/topquit/bugnet scenario all in one into a pannier, with my tarp and tree huggers/whoopies in a separate mesh stuff sack that goes in that pannier if dry, outside if wet.