My favorite, VERY lightweight strollers are the Peg Perego Aria and the MacLaren Volo. The Aria is a full-feature stroller -- canopy, child tray, full recline, etc. It folds easily and compactly. Weighs almost nothing. It has a basket underneath. It's around $170 new, though you can find them on ebay and in resale shops. A couple of friends have them and love them.
The MacLaren Volo is the one we have. It has high handles, which my tall hubby appreciates, weighs almost nothing, folds to almost nothing and has the neat carry strap (just sling it over your shoulder and hop on public transportation, in a cab, etc.). It does not recline, nor does it come with an attached canopy, but you can buy a canopy/seat pad attachment separately for about $50. The basket underneath is the same sturdy mesh material as the stroller, so even though it looks small, it can hold more than it looks like it would. I can stash a backpack diaper bag and a couple of sippy cups in there, with space on top to set a shopping bag.