My Adventure Racing captain, Dave Adlard, wants me to test a DEMO model of this new product.
JakPak™, the world’s first all-in-one waterproof jacket, sleeping bag and tent, …
JakPak – Our Story
Looks very cool. I’m IN.
The specs aren’t definitive. But I’ve seen cited on other blogs an approximate weight of 2lbs. At that I’d carry it as survival gear even on day hikes.
Available late Spring 2010. Guesstimated price, $250.
besthike.com 
That’s a good approach to the one piece gear idea, I’ve thought most of the designs would be like wearing a rainsuit, wetter inside than out, but the weatherproof part in this one packs away on the back? I wonder about the insulation for sleeping, though. Hardly seems possible to design a piece of gear that fits all situations.