It's gone up ten dollars since I bought it, but my Eno Hammock is still the most amazing thing I ever bought for less than $50.
Made of parachute silk, it's indestructible and folds into its own accessory pocket (in which you can keep books, ipods, even drinks while you're hammock-ing) and provides bug and sun protection too. Can easily accommodate two adults, you can sit in it upright as well as lounge or sleep. You can hang it ANYWHERE, and with the ballistic straps you can suspend it between trees that are like, 25 feet apart. It's staggering how cool it is.
It folds up almost small enough to fit in a coat pocket. It weighs like, a pound. If that. I mostly use at beaches, BBQs and picnics. But it's fantastic for camping and they make hella accessories.
https://www.rei.com/product/754773/eno-doublenest-hammock
Watch the vid.