Staying in an ultra light tarp setup for extended trips definitely takes some balls. I usually end up taking my bivy, that way if the wet is unavoidable, and some places it's tough to find a good spot, or it's pitch black and you say screw it and setup, I'll at least be able to sleep.
I plan on being wet if I'm going really light. If I didn't enjoy being a little miserable, I wouldn't backpack.
Either way ultralight backpacking requires a certain style of thinking. I love my paratarp, but there's times when it can be downright miserable staying under it.
But for 1lb with stakes and a pack size of a pair of socks it makes the pack nice and light.
That said my para tarp, with or without a bugaboo ii bivy remains my ul setup. Iv spent quite a few nights in it, pretty light, very versatile, can be bombproof when setup right, and roomy when in milder weather. Awesome shelter I can say I won't be getting rid of for a long time, well if kifaru comes out with a new ul smaller tarp I can't say I wouldn't want to try.