You are a little harsh andrewa
I agree a hammock is much colder than a tent. Warmth in very cold conditions can be achieved, but more of a battle than a tent no doubt. But they excel over a tent in warmer conditions.
A ultralight ground set-up for one (including all insulation) would be lighter, though a hammock setup could probably get close. For a larger group, the weight advantage grows for the ground set-up.
Comfort - well some rate them far more comfortable than on the ground, others not much difference, others less comfortable. No doubt the type and model hammock and the individual comes into play. I find mine very comfortable - i wouldn't say more or less comfortable than a tent (on a perfect pitching location). Of course with the hammock I can camp comfortably in places a tent is going to be uncomfortable or impossible due to the ground conditions - so it wins out for comfort in many practical applications. Also I sleep on my side and toss and turn - no problems in the hammock. But it did take me a number of nights at first to get used to comfortable with sleeping in the new contraption.
All in all, other than the individual details of being comfortable in a hammock (and selecting a hammock that suits you) I reckon hammocks are superior in sub-tropical and tropical conditions and particularly where tent sites are going to be hard to find or uncertain (e.g. untracked walks). Tents are better for colder conditions (with the ability to hole up, cook in the vestibule, get changed in the tent, trap the warmth, etc). I would never consider my hammock in Tassie - you could do it but for most of Tassie a tent is just going to be better.
To the original Q, I tried searching the web for 'army tropical blanket' and found a number of different things (wool blend, synthetic fill) so not sure what you mean. They all looked relatively thin, and I would expect not too warm. Without any science (just guessing from experience) you want as much or more R-value in a hammock to the ground. Wind barrier will definitely add warmth. With a hammock the warmth of your underinsulation can be more than adequate when conditions are still and dry, but when it gets breezy and particularly when the air is moist / misty, the heat gets sucked out from under you very quickly.
Maybe have a look at the fill weights of Tier Gear's synthetic underquilts as a guide. I think the ratings are about right generally (I have a couple), though I have been on occasion a little cold in what I suspect were slightly higher temperatures then rated (no thermometer to check). These conditions were on a tropical mountain-top, with cool, misty breeze blowing all night through the hammock. If I had cut the breeze with a space blanket or similar, or possibly even by dropping the sides of the tarp right down around the hammock, I doubt I would have been the slightest bit cold.