Now, I'm no seasoned bushcraft expert, but i do have experience to share around the hammock debate..
I have slept in cheap conventional hammocks, years ago, and although they were more comfortable in some ways, the fact that i wasn't laying flat meant that they were uncomfortable. being quite tall didn't help the matter.
Anyways, years elapsed and any outdoor sleeping i did was in a tent after that.. Until a year or two ago when i heard of a Norwegian company called Amok. They have produced a hammock, called 'Draumr' - they're up to version 3.0. Its a fairly unique design, from what i can see, that you lay perpendicular to the trees. Because of this, you need some sort of full length air bed.. The Amok comes with built in midge net as well as a neat feature meaning you can use it like a chair around the camp fire etc..
I bought one and have used it a few times in anger.. I really like it. Its a very comfortable sleep and due to the straps, you can sleep with your head elevated if needed and also you can sleep on your side, front or back without issue. It comes with a silnylon type tarp and the whole setup is pre rigged, making it almost fool proof to set up.
cons.. hmm, well I'm 6'2'' and i don't think i could be any bigger.. For conventional sized people, then this wouldn't be an issue. Another issue, which i guess is inherent of sleeping in a hammock is stability.. it take a bit of getting used to, getting in and out without looking like a seal caught in a net!
I also had the reservation about not having trees around, so have mitigated this by carrying a lightweight bivvy. as yet, an untested concept for me, but in theory, should allow bivvying with reasonable comfort as you carry a sleeping mat for the amok anyways. If you were using the hammock and it was colder than normal, you could use the bivvy in the hammock for a little extra insulation..
http://www.amokequipment.com/the-hammock/
https://www.youtube.com/watch?v=rj9IihjjpuU
I use an exped downmat with the amok, and got the tarp system which amok do, which I'm really impressed with too.