Light and inexpensive? you might want to consider this
http://www.outdoorgear.co.uk/eshop....2415302&desc=VSS+ULTRALGHT+BIVVY+WEATHER+TEC&
I got one around Xmas and can't give you a review as I've not tried it in the field yet.
Impressions so far.
It's cetainly light, I'm estimate about 300grams, compresses down into a little under a 1lt, though it doesn't come in it's own compression sac, it comes in a mesh sac which should be good for letting it air a bit.
Personally I'm thinking of it as a much better version of the orange survival bag, but that's partly because I have an issue gortext one which I'd find too heavy and bulky to carry around just in case. If I set out to bivi I'll take the issue one, if I just might end up biviing I'll take the Kyham one, maybe that'll change if it proves itself over time.
An unusual touch is that it's got a 2 zips, one behind the other, which then has a velcro flap to cover them. Looks like a very effective way of keeping water from seeping though the normal weakness of zip designs.
It's light weight, I can't tell what material, slightly slippery lightweight and I suspect not very heat proof, I suspect sparks mght melt it but could be wrong.
I also doubt it's as thorn proof as say an issue bivi, but hey it's nowhere near as bulky or heavey.
certainly worth considering.
Even if I was to review it I've not had too much experience of bivis so wouldn't be a fair comparison to other bivis. I have been thinking, because of it's lightness and cheapness, to ask Tony to suggest a BCUK member, who has used bivis a lot, to review it for the forum/magazine.