Weight notwithstanding, I have to throw in another comment about the Schwinn heavywieghts. The Varsity, Continental, etc. just looked horrendously STUPID with those ugly pie plate spoke protectors and, even worse, that UFO sized thing on the front chainwheel. The Twin Stick shifters didn't help either. Look at an early Varsity or Continental
like this one, and notice just how much lighter it appears. It may not have weighed less, but it looks so much cleaner.
Japanese and European bikes were much better looking than the dowdy Varsity.