Over my decades of experience, whether it be a hammock, tent or bivy, you NEED a great sleeping pad FIRST. Buy the highest R-value you can afford! (I have a Thermarest Pro-lite, women's full-length. I like its thinner profile).

Next, sleeping bag or quilt? Well, I use a Big Agnes 20-degree Roxyanne, it's a kind of hybrid bag/quilt. It does zip-up completly, but it has no down on the underside (where your back would be), but it's still plenty warm BECAUSE OF THE PAD!

Personally, I like a sleeping bag, I just like being able to zip myself in completely. That said, I like the savings in weight and bulk (and price) my Roxyanne gives me! (I can fit my entire sleep and shelter system into my pack's sleeping bag compartment!!)

Of course, you CAN use a sleeping bag LIKE a quilt! Just keep it unzipped (to about the knees) and climb in! Keep the rest of the bag open and on top of you.

YOU DON'T NEED AN UNDER-QUILT! (or over-quilt, or fancy tarp, or fancy suspension system, blah-blah-blah!!!) But you do need a SIMPLE tarp, just go to the fabric store, get as many yards of nylon rip-stop fabric as your hammock is long, sew the edges and VOILA! You now have an ultralight, ultracompact, summer AND winter sleep-shelter system!!

You don't even need to stake your tarp to the ground! Just tie the corners together at either end of your hammock. You now have a windproof system that can keep you warm OR cool. I've had my system in 50-60mph gusting wind storms (kinda fun, actually), near freezing winters and hot summers... no problems! To make it waterproof, just go to your local paint store and get a REASONABLY thick plastic drop cloth.

Personally, I sleep like a baby in my hammock system!!! Sometimes better than in town. Tears/punctures? If it bothers you, REMOVE IT, replace zipper pulls, etc. with paracord pulls, but I've never had a problem.