I hike mostly in the Whites in New Hampshire. Very few places to pitch a tent outside official campsites and there mostly on wooden platforms - very uncomfortable wooden platforms. The weight of the hammock with the rain fly, line, webbing straps, etc. is comparable to ultralight tent systems. The hammock offers the ability to sleep away form campsites on ridges without regard to unlevel ground, even when the ground is pitching away at 20 or 30 degrees.
Condensation from respiration / dew is no different than in a tent. Given the right combination of temperature and moisture, you will get dripped on, but not soaked. My Hennessy hammock has kept me dry in the rain - no issues.
As for the sleeping pad, I don't carry one. I have a light-weight down sleeping bag (Western Mountaineering Summerlite) that I use with two other Western Mountaineering products: their down flash pants and flash jacket. This combination is more than warm enough and I need to carry the pants and jacket anyway, even in the summer, as we can have winter conditions here any time of the year.