Just got this on sale from Campmor a few days ago, and thought I would share my experience with it.
First, it comes with a substantial stuff sack, and you could get rid of an ounce by using an ultralight sack. The material is pretty rugged, overkill in my opinion, but at least the down won't poke through like it can with polyester taffeta. It doesn't compress as well as some of my other bags, and I chalk this up to the substantial material used. I tend to sleep warm, and I was just slightly chilled at 30 degrees with mid weight base layers, and a balaclava. An additional layer would help. It's a little tight in the stomach/hip area, but some of my other bags have this same issue. The zipper is sturdy, but not as smooth and it caught on one of the tie-down straps a couple of times. The loft seems a bit uneven, particularly in the hood, which is where I had the most trouble. The bag I have (and yes it is the blue one) doesn't seem to loft as well as the one pictured in this article, but it was still fairly warm. The hood is a bit large, and it took quite some futzing to get it cinched down appropriately, with the draw cord system causing a bit of frustration. The draft collar was just plain weird, and didn't really function very well, so I experienced drafts around my neck, which was remedied when I switched from a hat to a balaclava. I also noted that the material doesn't breathe as well as most higher priced bags, and condensation was a little more than I like.
I lucked out and got an REI sub kilo for $90 when they stopped manufacturing them, and it remains my favorite lightweight bag, but the Kelty is certainly decent, especially for the price. I'm pretty picky about sleeping bags, and I actually found this to be comparable to some $250 bags that I've owned. It's fairly lightweight, serviceable, and the drawbacks are not that serious, especially if you are prepared for them and plan accordingly, (like making sure to use a balaclava and a base top zipped up all the way to compensate for the hood). It won't work for everyone, but it's an exceptional value for the money. In fact, I can't think of another down bag in this price range, especially at this weight. It's certainly an excellent value, and anyone on a budget should seriously consider it.