Yeah. Well to put up the hammock alone takes about 2 minutes. It's the tarp and underquilt that will take the extra time to set up. If it takes you 10 minutes to pitch a tent it takes me 15 - 20 depending on whether I am in a hurry or just enjoying the activity.

For the record, I use both, a hammock or a tent, depending on the trip I have planned. I can easily make a list of tenting advantages over hammocks ... but you asked what I think the advantages are to hammock over tenting so here it goes:

1. When You wake up in the morning you feel like a million bucks. No sore back.
2. When You get out of the hammock You sit up like in a chair and then stand up - as opposed to crawling out of the tent.
3. In a torrential deluge you stay dry in a hammock without the fear of flash flood or failed floor seams on your tent.
4. You feel more 'outside' when you rest or sleep. You watch the treetops swinging, birds singing, skies flowing.
5. Setting up in a rain you set up your tarp first. Then You are protected from all rain while you can take your sweet time setting up your hammock underneath the tarp.
6. Some parts of the country (like New England) have an abundance of trees, providing camping opportunities in spots where the ground is not ideal. (for example on a mountain slope without flat ground)
7. A hammock setup consists of a 4 small sacks (hammock,tarp,underquilt,topquilt) no need to lug a tent on the top of the bikerack. (maybe put a ukulele on the rack instead ;-) )
8. Setting up the hammock alone is lightning quick and great for a quick break with a view
9. You can cook on the ground while laying in your hammock
10. I wanted to do top 10 but I'm running out of ideas. My brain is getting old ;-)