That's what I did and my two man tent has lasted me 5 years and been all over the world, awesome little thing. And waterproof.
I have a few friends who have opted for this, none have stayed dry when it rained.
I recommend spending as much as you can afford. The better, more expensive tents will not let you down. However you will not want to take an expensive tent to a festival, for this i buy a fairly decent 2nd hand tent off ebay for cheap that has seen a fair bit of use (something like a vango) that I'm fairly confident will keep me dry and take that to the festivals. There is nothing worse than waking up wet and hungover, it makes you want to drink a very strong drink quickly which isn't necessarily a bad thing.
I have a few friends who have opted for this, none have stayed dry when it rained.
I recommend spending as much as you can afford. The better, more expensive tents will not let you down. However you will not want to take an expensive tent to a festival, for this i buy a fairly decent 2nd hand tent off ebay for cheap that has seen a fair bit of use (something like a vango) that I'm fairly confident will keep me dry and take that to the festivals. There is nothing worse than waking up wet and hungover, it makes you want to drink a very strong drink quickly which isn't necessarily a bad thing.