I've recently decided to convert to lightweight backpacking and I've been looking for something that's a good compromise between weight and quality.
After lurking in this forum and several us forums, I've decided to look at my "big 4" thats the sleepling pad, sleeping bag, tent and backpack.
Cost was also a bit of an issue, I would love a WM bag, but at 300+ AUD they were just not affordable enough.
Going through seirra trading post, I came across the Lafuma Warm N Light 800 Fill down sleeping bag at a amazing price of $75 usd, with shipping and etc it came at just over $120 AUD, its rated at 0 degrees with a weight of about 900g
Next was the hard choice on backpack and tent, I had almost decided to order a zero pack when I was shopping in the city and I came across some noname sil nylon backpacks that seemed to be very well made, orginally they had frames in them, but at $50 a pop they were cheap enough for me to buy and rip apart. I bought 2, 1 is a very simplistic pack with 35L volume and the other is a 40L pack with a few more compartments and zips. They weighted about 1.2kg and 1.5kg respectivly with the internal frame and bag hood attached. I have since removed both frames and hood and they only weight 750g and 900g respectively.
The other choice for the pack was the golite jam, but these packs, coming in cheaper and with more support won the day, the only wish is for belt pockets on the nobrand packs.
For the tent, I decided early on that a tarptent would be the best balance between cost, quality and weight. I will be occasionally hiking with my girlfriend so a tent for 2 was needed, after taking with tarptent, who has great service, I ended up getting the tarptent double rainbow.
The tent is exellent and I'm getting an amazing amount of headroom for the weight of the tent. One great feature of the tent is the tent poles are long enough compacted that I use them as the backpack frame, giving them a multi use.
Overall depending on which bag I'm using the weight of my big 4 is around the 3-3.5kg mark and I think I will be very happy on my upcoming hike.

Double Rainbow in the foreground, Mantis 2 in the background

Great feature on the DR is its ability to have a rain/sun porch!

35L Pack with sleeping bag, pad and tent

40L Pack with sleeping bag, pad and tent

Amazingly good back support for the weight, infact i think most of the remaining weight is in the back support