We've had our Hoop for about a year now and love it. It's a roomy two person tent and while not "ultralight," at about 4 lbs (w/o the optional free-standing poles) it's a very noticeable weight reduction from our 7.5 lb three person tent. It also packs a lot smaller. The sligtly longer and wider floor space is perfect for my large pad.
Obviously, there is less mesh than what most three season tents offer. This appealed to us for purposes of camping year-round in the South-East, and while I think it helps, I can't say with certainty that it actually holds more heat in the cold winter months.
The fly vents create very good cross ventilation and, as a result, we have experienced no condensation issues. I've been through at least half a dozen storms (some more substantial than others) in this tent with no issues.