I have two old Macpac down sleeping bags, which have built in waterproof covers (I think they are Pertex or something). This is brilliant, because a)the down doesn’t get wet, and b)you don’t need a separate bivvy bag. The summer one weighs 500g, the winter one I think 800g. It means you can go bivvying with pretty much a normal camelbak in summer. Taped seams and everything. You can sleep in the rain and be fine.
I’d totally recommend them except for two things:
1)They don’t make them any more
2)They were eye wateringly expensive (RRP of £250 for the big one, although I got it for £150 I think, the smaller one was RRP £150, although a nice man in a shop in New Zealand sold it to me for a lot less).
Someone posted up something similar on here once, made by some US brand, also expensive, but at least possible to get hold of, but I don’t know what it was.
edit: looking briefly, Crux make quite warm fully waterproof bags – but they are even more expensive (£400 ouch!)
http://www.crux.uk.com/en/sleeping-bags.php?range=3&product=17