Fishpig,
I can't speak to the Eagles Nest, I do own a Hennessy Hammock, I been using it for about 11 years now. The only draw back I can think of is your limited to fairly warm temps. for me that's down to the mid 40's, that is unless you invest in some of the aftermarket items that allow you to use it all year long, kind of defeats the purpose of scaling back weight.
Positives for me: it can not only be hung it can be used on the ground as a bivy, it's a chair with back support, it's light weight, mine comes in at just over 2 1/2 lbs including tarp and stakes, and during the summer it is cooler than a tent.
I would offer a couple of suggest if you take the plunge 1). Make or buy a ten by ten silcone tarp, and replace the one that comes with the hammock this will eliminate the need for a additional tarp during inclement weather giving you and a travel partner to get out of the weather. 2). Cut down closed cell foam pad for insulation under you to prevent loss of body heat through convection, this will even occur during the summer months.
For some people using a hammock takes some getting use to, and others it's the best nights sleep they ever gotten in the back country bar none.
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Terrapin wrote on Apr 12^th, 2009 at 10:01pm:


Terp,
I have a Ridgerest that I've cut in half.  I've had no issues with mosquitos biting through the hammock but then I'm also in a sleeping bag or when the weather is warm clothing  and under a blanket.
flp

BTW: Going with a hammock IMO is a great way to start reducing pack weight.

I use the Hennesey with their under cover and insulation system.  Works great for colder weather and additional mosquito protection.

One way to find out-----the Back Yard!

Dang you can beat that price!