It is definitely not meant for backpacking. That said, for just taking out of the back of a pickup and setting up in about 2 minutes, it is a pretty darn nice piece of gear.
My dad and I both have one, and with a pad under your bag, or even a blanket, it is a very comfortable way to sleep and stay dry.
Plus you can sit in the opening in the morning and pull boots on, instead of being on the ground. I also tend to start my coffee outside of my tent cot before I even get out of my bag.