All good ideas here, but if I wanted to spend money on something to cut my packweight while upgrading the quality of my gear, I think I'd spend it on a tent, where I can probably cut more than a pound of pack weight, and often two or three.

I'm currently delighted with a Henry Shires Rainbow tarptent that would use up a chunk of that money---but would come in well below three pounds, and has full-comfort: bug netting and all.