The Hex 3 rocks, you should definitely consider it. Considering what you get (a large, sturdy, 4 season shelter), the weight is about as low as you will find. You mentioned concern over it's size...one advantage of it's floorless design is that you don't need a flat, preened, 7' by 7' area to pitch it. If there is a large rock, a log, a bush....just pitch over it, and there will still be enough room for two plus gear. I actually look forward to finding a spot with a rock or log in it, so I have something to sit on under my shelter. Cooking in it, while not recommended by the manufacturer, is certainly much safer than cooking in a tent or a small, low tarp. If you bring trekking poles already you can skip the center pole and rig it with those, saving even more weight. From what I hear this sacrifices little of the shelter's integrity, if it all.
This will be my shelter whenever I expect conditions too harsh for my level of skill with a poncho-tarp, or when I need to share a shelter.
If I am worried about bugs I will use a BMW Vapr Bivy, which will also provide me with a floor, add to the warmth of my sleep system, and keep my sleeping quilt and other gear clean. A head net and wind shells could be used with a ground sheet as well, although probably not as comfortably.
I plan on using the Hex 3 as my shelter on my cycling tour this summer, from Seattle to San Francisco, because it is large enough to fit my bike inside, either standing up or laying on it's side.
I really feel that the Hex 3 is an ideal shelter if you need more room, stability, and weather proofness than a flat tarp will give you. I can't think of any situation I expect to face in my future of cycling, backpacking and mountaineering that the Hex 3 wouldn't perform beautifully with. (Except for windy sand camping, the only situation I can think of where GoLite's optional bath-tub floor would be advantageous)