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Self promoting this video and sending it back into the queue for one more try; last queued Sunday, December 8th, 2013 6:21pm PST - promote requested by original submitter nanrod.

Mocktent ®
or
Hamment ®

this is a great idea. Although $750 usd is a bit much to ask for nylon and polyester 3-person tent. http://www.tentsile.com/ I guess I wouldn't really trust a cheap knock-off though, if suspended many feet in the air while sleeping.

I wonder how many of their 1st-year testers tried to poop out the ladder door?

What are the advantages over a regular tent?

I haven't seen one of these in person, but my guess:
1) The ground is hard, the floor of this tent is soft like a hammock, so you wouldn't need to have an air mattress if you care about comfortable sleep while camping. Sometimes the ground is sharp - sticks, rocks, etc - you wouldn't have to clear an area below this tent.
2) regular tents really suck on wet ground if it's been raining hard- even if they are "waterproof"
3) animals - if you hang it high enough and use a rope ladder that you pull up, it's not likely that any animals will get in your tent because of food odor. (not saying it's bear-proof)

Disadvantages:
1) you need to have 3 strong trees to strap it to
2) it's probably heavier to carry while hiking than a regular 3-person tent, since nylon seatbelt-like straps are pretty dense.
3) if something goes wrong, it's gonna hurt when you hit the ground.
4) depending on weather, might be a lot colder than a ground tent.

They do say you can use it on the ground, so I guess really only #2 applies, depending on the situation.

Yes, at 19 lbs, this is somewhat untenable for backpacking, even if splitting the weight between multiple packs. For destination/car camping though, this is a great idea. Like you said though, you need to be sure there are plenty of trees the right distance apart.

The only reason I haven't pulled the trigger on this is because there is no vestibule for my dog to sleep in. I don't think he'd like being on the ground all by himself while his humans luxuriate up in the trees.