I don't know how many races I have done where strong fit riders were spit out the back of the pack while less strong riders hung in and got decent results. Rider skill and technique is really important, the more technical the course, the bigger the difference it makes. Pure strength is only the biggest factor in a time trial. In a mass start event, it's the guys with the best race smarts and technique who have the advantage. Bike weight is only a big deal in a hilly race. As for dollars spent, my biggest successes in racing came while riding a 25 year old Raleigh Professional with downtube shifters riding against guys with lightweight carbon fibre and aluminum bikes with more gears and STI shifters. The thing was, I was a better technical rider than most of them, particularly in crits where I could use the corners to move up in the pack.