I'm new to the backpacking world, and plan on mainly weekend trips only for now. I already have a good lightweight tent and a fairly small pack (44 liters). I'm looking for something that compresses down small, but rated for 20 to 30 degrees. I don't want cheap crap, but simply can't justify spending over 150-200 bucks. I don't want to be "that guy" who buys all the best gear before he knows what he's doing. I'm an experienced camper, but have never had to pack my sleeping bag on my back before. My current sleeping bag doesn't compress enough to leave room for anything else in the pack. I'd rather not strap it to the pack (I'm already doing that with my sleeping pad and tent poles). I'm reluctant to shop for a bigger pack because the one I have is new and I love it (Osprey Talon 44 - bought for ski trips).

Quite a challenge.

I use a 40 liter pack for 3 season backpacking, but I use a quilt instead of sleeping bags, and it is high quality down and outside your quoted price range.

Keep in mind - you get what you pay for with sleeping bags. The high quality down bags will cost you a lot up front but will last decades with proper care. Lower quality stuff won't compress as well, will weigh more (anything from ounces to pounds more depending) and you run a higher risk of finding the rating on the bag/quilt isn't accurate.

Also, if you get something like a Western Mountaineering, Montbell or Marmot bag, and find you don't like it - you'll be able to sell it used in a heartbeat.

Personally, I think the $240 I spent on my JRB 3 season quilt was the best decision I made back when I knew very little about the current offerings on gear - I will probably be using it for years to come. I can put both (I liked the quilt so much I got a second one to use under my hammock) side by side in the bottom of my 40 liter pack and have tons of room for bear canister, kitchen stuff, clothing, etc.

Depending on your frame size try REI Outlet. They had there sub Kilo bag, 750 down and 2 pounds for I beleive 129,00 a week or so ago. I have this bag it is light and warm but I am 5 11 and 195. I had to go with a long for extra shoulder girth. The long is still snug but works. I figure I can always pass down to my son if I switch to a quilt!

I'd add an endorsement for the Sub-Kilo, as we have them and love them.

But if you want to spend less money, we have some old Hi-Peak Xtreme pack bags that are pretty good to about 10 degrees, and compress about the same. THey cost $75 on ebay, and weigh about a pound more than the REI bags. A good deal.

You will not regret investing in a quality down bag, especially when you lug the thing around and it provides a good night's sleep in return. My quality bags have lasted me at least twenty years, which makes them very cheap.

The new Kelty Cosmic down bag just got a very nice review over on BPL. Only $109 for a 20F EN rated down. I've never used it and don't know how well it packs but it sounds like a great starter bag.

Spend some time looking at sales. I think Sierra Trading Post has a lot of good sales on sleeping bags right now. If you give yourself a few months, I bet you will find a good bag on sale. If you do not mind carrying a little more weight (but still have a compressable bag) you can get 650-down bags a lot cheaper than 750-800 down bags. If you buy on the internet, be sure it is returnable - the ONLY way to test a bag is to get inside it to be sure it fits.

I was too slow! It is on sale (I think) at Campmor for eighty-something. And there has been a killer deal on a Rab 400 (850 fill down) twice today on SAC, for $169. I think that's over 50% off.

Wow. What a great community. Thanks for the numerous responses.
Lots to think about here. My wallet is limiting my choices. I will wait until the next paycheck rolls into my account.

Before I bit the bullet and went with a Nunatak quilt, I had a Lafuma Warm 'N Light. I think it was about 700-fill down. It compressed well, was pretty true to its temp rating (but I sleep warm), and it was around the upper end of your price range, maybe a little more. It held up well when I was using it, but I can't speak to its longevity really. Might be something to consider.

I'll second what others have said though...shelling out for a good sleeping bag hurts a little on the front end, but is well worth it. If you can scrounge up a little more for a really nice one, or go a little cheaper on some of your other gear to save for one, do it.

The review of the Kelty Cosmic Down bag on BPL is, believe it or not, free (nearly all their articles require a subscription)! This bag sounds a bit better than the Campmor 20* F down bag normally recommended as a budget bag, but which is more like a 30* F bag.

If you're ordering a bag rather than shopping in the store, pay close attention to girth measurements. Your shoulder girth is not the same as your chest measurement because it's done over your arms. Wear all your insulating clothing when measuring your girth; on really cold nights you'll be wearing it inside the bag.

The REI SubKilo is a nice bag, but note the girth measurement--it runs narrow.

My wife and I were looking at the Kelty cosmic down last weekend as a choice for her (she gets very cold). It helps to see a bag in the store. I was looking at bags online, and when I went down to the REI in town the bag was really bulky (even for down). Personally, I'm in limbo as to what to do about a sleeping bag due to price and the fact that I always seem to hike in wet weather (caution for down bags). I have a 20 year old North Face cheapie that only recently has started to feel cold. I picked up some silk long underwear from Sierra Traders for cheap. My wife's bag is only rated at 20 F, and she has needed a liner to keep her warm. Last year she used a flannel liner, silk long johns, and she was fine in 30 F weather. This year, instead of spending the money on new bags, we picked up a thermolite liner (much lighter) for her and will find out if it is useful.

If you're extremely new to backpacking, the first question is "Am I going to keep this up for the rest of my life?" The answer to that question tells you how much to spend on gear. I've been upgrading my gear whenever I can afford it, but I certainly did not go out and buy expensive gear until I knew that backpacking was like water (-- couldn't live without it).

Get a good pad- thermarest or otherwise. Insulation matters.

Wet weather, dry weather, any weather, keep the sleeping bag dry and you won't have any problems.

It takes a LOT to wet out a down bag. You would have to intentionally dunk it in the stream repeatedly or leave it outside in the rain for hours. And the difference between wet synthetic and wet down is marginal - a few degrees.

What one must consider is conditions that are very, very wet, wherein the air itself is always damp and the down is continually used for weeks - the moisture from your body having nowhere to go will eventually affect the loft of the bag to the point that it does not warm you as well. Another consideration is if the temps are such that the dew point will actually be inside the insulation of the bag - but most of us don't go out in subzero temps that low.

I am a firm believer in the Kelty Lightyear. You can get them right around $100 on sell. Also don't use the stuff sack and just pack in your backpack. It fits around your other stuff and fills the bag better.