SMD Gatewood Cape and inner serenity net tent.
Even if you don't want to use it for multi-purpose as raingear.
It's a true double-wall shelter that's 19 ounces total. This not only prevents bugs from getting in, but double-wall also prevents most/all condensation from getting on you, which is the problem with most of the single-wall shelters which are usually mentioned.
It has excellent coverage on all sides, and has a zippered door that can tie back.
The floor is a real floor that can keep water out, which is not the case with any tents using mesh as a floor.
The inner net tent can be left home if you are going out when you don't need it, so you don't have to carry it in situations where the outer tarp alone would suffice. Conversely, if you have a clear night and want to star-gaze, you can just set up the inner net tent if you want to.
And even though it is commonly thought around here that it isn't good to have the poncho be your shelter too, I disagree, and it can be very effectively used in a dual role, which is one of the central aims of SUL backpacking.
When you consider all these points, including the weight for what it can do, and the price, you will have a very hard time finding anything else that can really compete with it. To compete, it would have to be a cuben fiber set-up with separate rain gear that would cost much more money, and even then it would have very little or no weight advantage over the GC.