Originally Posted by series1811

I can ride nearly as fast on the flats on my 1988 Basso Gap (21 pounds) as my 2015 Cannondale Supersix EVO 105 (15 pounds with carbon wheels and upgraded crankset). The Cannondale is slightly faster on the flats. As soon as the grade increases, the Supersix is noticeably faster. It is also much easier to shift than the Gap's downtube shifters.

So I am going to say yes, equipment matters. This is especially true if you are riding hard and fast.