I've never tried a hammock, and it depends on what you're doing but for my purposes, I'm incapable of erecting a tarp (or probably a hammock) at the end of a big day. I tried it once with a tarp and I was too tired figure out a decent pitch so I went with the bivvy bag alone. I tend to bivvy when I'm doing big miles, hence the tiredness. If I was going shorter distances, I'd take a tent.
Of course, if I was a bit less useless, the pitching might be easier and it wouldn't be a problem.
FWIW, I got a Terra Nova Discovery Lite for 40 quid recently so it's not expensive.
Out of curiosity, how well do hammocks breath? My sleeping bag is always wet after a bivvy (I'm a pretty hot sleeper) – the hammocks look better from that point-of-view.