The Metolius FS Mini Quickdraw is among the lightest and most compact on the market. Although the carabiners on this draw are tiny, don't mistake them for keychain biners — they are full-strength. The carabiners on the Metolius FS Mini are much smaller than those on the Black Diamond Oz Quickdraw. According to Metolius, the idea is that the much smaller biner will greatly reduce the bulk of climbing gear on a trad or big wall rack. It's a hopeful thought that suddenly that monstrous El Cap rack could be both lighter and less bulky. On the other hand, it's so small that it is harder to handle.
The Metolius FS Mini's main competition is the CAMP Nano 22 Quickdraw which is a little lighter and a little bigger and easier to handle and slightly less expensive. We would get the Nano if we were loading up on the lightest draws. But most climbers will want draws with slightly heavier biners in return for something that is easier to clip and to handle. If that is what you are looking for, the Mad Rock UltraLight Quickdraw ($14) and Wild Country Astro Quickdraw ($15) are great bets for the money. If you are willing to spend a few more dollars, the Black Diamond Oz and CAMP Photon Wire Express KS Dyneema scored well in our metrics.
The FS Mini Carabiner has been replaced by the FS Mini II Carabiner--a lighter version. The FS Mini Quickdraw has been updated with this newer carabiner as a result and now goes by the name of the FS Mini II Quickdraw.