I took the tarp out with me on the bike to try it out.
At 720g it's not that far off a tent weight wise so a lightweight tent plus the tarp would be the same sort of weight as a cheaper, heavier tent. It comes in its own bag with 4 guy lines and 4 pegs.
At 3x3 metres it's plenty big enough for a tent and bike. It's quick and easy to put up. The difficulty can come in finding the right spot. Using trees to hold the tarp up relies on having nicely spaced trees, not too far apart yet not too close together. Once I've worked out the ideal spacing I will be able to pitch it better. However, some interesting set ups can come out of odd spaced trees or fence posts or whatever you're using. Since it has so many attachment points it can be set up in a variety of shapes! Here's what I managed today:

By using guy lines for 2 corners on one side and pegging out one corner and leaving the final corner hanging down, water will be able to run off the tarp. This set up would also offer protection from the wind too, if aligned correctly.
I simply need to get out and use it. Try out different set ups, see what works and what doesn't. Since I haven't really used it I can't comment on it very much except to say that it's not difficult to set up or pack away.