I've used luxury lite cot, now owned by thermarest and sold by REI, on a couple of bike tours. At 2.2 lbs it is heavier than ultralight pads, but not too much of a weight penalty in the big scheme of things. It does take a little longer to assemble, but not to bad once you get the hang of it. The big advantage, at least to me, is that it will get you off the ground. Sometime I also carry a very light closed cell foam pad as well. It really is pretty comfortable for my 60+ year old bones. I also use a small blow up pillow.
This seems like an interesting solution. Have you done any cool weather camping this way? There will be some air infiltration from the underside. I am curious if you noticed and how you responded.
I have used a cot on a couple of car camping trips (Michigan in mid May), and cool nights were brutal. I have been using a hammock the last two years, and air infiltration is a major problem if you don't handle it right. I have a Big Agnes sleeping bar, and it has pocket for my Thermarest, and that make a big difference. Of course I did not know anything about that when I used a cot on a car camping trip.