This topic caught my eye.  I have the Thermo-Lite double bivy.  I bought it to keep in a car kit when we travel long distances.  I haven't quite had the opportunity to use it, but it seems to be a well-built product.  I see that AMK will be upgrading all the ThermoLite products at the end of this year or early next year to ThermoLite 2 - a similar, but improved material.  Woohoo!
As for the mylar 'space' blankets, I have used those to add warmth to a sleeping bag by placing it over the bag.  I did this in several winter camping situations when the temps dropped below where they were supposed to be. It worked well.  However, the space blankets are pretty flimsy, and are easily  trashed after a few uses.  I'd hate to rely on one for more than a couple nights.  Nonetheless, i do have a few stowed in small kits here and there.
I have one of these in the back pocket of my PFD:  
http://www.hartwellmedical.com/.  It is much tougher than a space blanket, as it is several layers of material.  I installed grommets to lend versatility to the piece.  The Hartwell Medical blanket costs about as much as 4 space blankets.  It doesn't pack as small as a space blanket, but is much tougher, for sure.  I recommend trying this one.
I've recently become acquainted with Blizzard Survival Bags:  
http://www.blizzardprotectionsystems.com/acatalog/index.html#prod_bag.  This bag is vacuum packed, and is a little bigger than a VHS tape.  These bags are a little pricey, which makes me not in a huge hurry to try one out.  From what I've read, the Blizzard bag is popular as an ultralight shelter for big mountain climbers.
If you're looking for ultralight disposable warm-weather camping gear, check this out:  
http://www.store.grahammedical.com/...ode=GMC&Product_Code=53581&Category_Code=SPBK.  A reusable disposable sleeping bag with a pillow.  This item can be purchased individually from some vendors, and I think it runs between $15-$20.
Pleasant dreams!