i wouldnt say im an ultralight hiker but i really like my gear set up thus far.

tent: big agnes fly creek UL1. list 299. i bet you can get it much cheaper.
http://www.bigagnes.com/Products/ProductFinder/Tent/filters/56

bag: western moutnaineering, versalite. LOVE IT! 6'er list for 440. but you could find this a bit cheaper also.

http://www.westernmountaineering.com/ind...mp;ContentId=20

together, even at list price, they are only about 50 bucks over but you would have a pretty good set up! i know i like mine.