It's 1.1lbs which is not that light if you are doing an outdoor activity such as running. I don't know that I would take it to a festival because it is too big to lug around in my hand or hang from a belt loop, and I usually want to get rid of an empty water bottle. But, it might come in useful in situations where you don't have to carry the bottle on your body.
RE: Bindle Bottle - An insulated Water Bottle with Secure Storage