I use tarps year-round. Compared to tents, tarps are:
I currently use three shelters, depending on the conditions I'm experiencing.
In the desert, or in seasonally dry places (e.g. the High Sierra in August), when I infrequently need a shelter or raingear, I take the GoLite Poncho Tarp, which weighs about 10 oz and costs a mere $50. Because the Poncho-Tarp doubles as raingear and triples as my pack cover, it saves me about a half-pound in other gear.
In environments where rain is more frequent, I need a shelter that offers more storm protection and that will prevent me from having to set up or break down my "shelter" while being without "raingear." (I've had to do it before, and it's not fun.) In most 3-season conditions I take the GoLite Lair 1, which I've pared down to 8.8 oz and which I combine with the GoLite Virga rain jacket and a 2mm-thick plastic bag liner for complete protection.
During the winter I want a shelter that is designed to shed snow and deflect wind. Unfortunately, traditional 4-season tents are extremely heavy (and expensive). A better option are pyramid-shaped tarps like the GoLite Hex 3; be on the lookout for a more extensive line of pyramid-shaped shelters from GoLite in Spring 2008.
A standard part of all my shelter systems is the Bozeman Mountain Works Vapr Bivy, which has a waterproof bottom, breathable nylon top, and removable bug screen. This bivy performs a number of functions: it serves as a groundsheet; it protects my sleeping bag from spindrift or rain splatter; it adds about 5 degrees of warmth; it reduces convective heat loss by offering wind protection, which is especially important when using a sleeping quilt, which I frequently do; and it protects me from flying and crawling insects.
If you choose to take a tarp, here are some tips to help you improve its storm-worthiness: