This is the ultralight tent of choice for two in my mind.
It's an incredibly light 38 oz., and goes together in a breeze.
The quality and workmanship is excellent in this tent, and I love that I am buying a tent from a passionate backpacker in California who decided to start sewing his own one day, than handing over my hard earned cash to the pockets of a big company like Mountain Hardware or REI.
This is a "Tarptent" – it's a compromise between a regular tent and sleeping under a tarp. It has a waterproof floor and bug netting all around, so little critters can't get in at night.
The only downside for me so far of this tent, is that as it's a single-wall tent, depending on the dewpoint you can get condensation on the inside. It's not a problem until you bump your head on the top and it starts dripping.
Available direct from TarpTent for $225.