Drier, Windier, Thinner atmosphere, Cold nights, Hot days, Stormy dusk, Calm dawn
Introduction
Giving the body a thinner atmosphere doesn't make the atmosphere more stable. The main requirement is giving the body more mass. My handy-dandy spreadsheet says a moon with a mass of $0.4 M_{\oplus}$ will have a gaseous water half-life in the billions of years.
So that means the amount of atmosphere and water will depend upon the volatiles deposited during the Late Heavy Bombardment. If you assume this body will receive a share of the volatiles proportional to its mass (remember that's $0.4 M_{\oplus}$, then it will receive about 40% of what the Earth got.
Assumptions
- Amount of volatiles proportional to the mass of body
- Minimum mass for this body $0.4 M_{\oplus} = 2.4\cdot 10^{24} kg$
- Keep density about the same as Earth (5.5)
- Radius about 4,700 km or smaller
- Surface area about about $0.5 A_{\oplus} = 2.8 \cdot 10^{14} m^2$ or less
- Mass of atmosphere for this planet $M_{Atmosphere} = 0.4 \cdot M_{Earth}
= 2.1 \cdot 10^{18} kg$
- Mass of hydrosphere for this planet $M_{Hydrosphere} = 0.4 \cdot M_{Earth}
= 5.6 \cdot 10^{17} kg$
- Gravitational acceleration for this planet .74 g ($\frac{7.25 m}{s^2}$)
- Ocean depth profile is the same for both bodies
Atmospheric pressure about 1/2 Earth's
Atmospheric pressure will be about 0.54 that of Earth's at sea level. This is about what the atmospheric pressure would be like at an altitude of 5500 meters (or 17,900 feet).
The average person could not live there unless the partial pressure of oxygen were raised significantly. However, the general opinion is that the Death Zone starts at 8000 meters (26,247 feet), so some people would be able to live here unaided.
Alternatively, simply wearing an oxygen mask (or even nose tubes) should provide enough oxygen for the average person to live there.
$$M_{Air} / A_{Planet} * g_{planet} = 0.4 / 0.55 * .74 \approx 54 \text{%}$$
Hydrosphere coverage about 3/4 Earth's
I get a value of about 73% of the amount of water per unit area for this body.
$$M_{Water} / A_{Planet} = 0.4 / 0.55 \approx 73 \text{%}$$
Cold and dry nights
With very long day-night cycles, the temperature on the dark side will drop and continue dropping almost until dawn 28 days later (imagine the 28 days of darkness at the poles!).
During night, first water will freeze out and then the carbon dioxide. Since these are the two primary greenhouse gases, after they've frozen out the temperature drop will accelerate. I sincerely doubt it'll get cold enough to freeze out oxygen (54 K). Regardless this (along with the colder temperature) will also lower the pressure on the night side.
Hot & humid days
During day time, all the atmospheric components will evaporate in reverse order. Adding this extra volume (and increasing its temperature) to the atmosphere will increase its pressure. I doubt the 28 days of Sun will be sufficient to boil the oceans but expect the day time to reach 100% humidity as the evaporation cycle of the oceans is driven by the constant heat input from the Sun.
Nearly constant powerful winds
With the large temperature (and therefore pressure) differential between the day & night sides, this will set up a powerful (hurricane forced or higher) and nearly constant wind blasting from the hot side and blowing to the cool side.
Although the twilight areas will be most comfortable to humans, they'll also possess extremely powerful winds (I expect these winds to be much stronger on the sun setting side than the dawn side). Winds will be almost always blowing except near the center of the day and night sides.
Because the winds would be blowing in the direction of rotation instead of 90 degrees to it, the Coriolis Effect wouldn't affect the wind motion. However, winds blowing in the direction of rotation would rise, while those blowing against the direction of rotation would sink due to centripetal acceleration effects.
This effect and the dryness of the air at dawn would inhibit the formation of storms.
This effect combined with the moisture of the air at dusk would power hugely powerful storms.