.... bought that Gram Scale Yet?

There are CF bikes, and CF bikes. Mine is a Cervelo RS that I chose for it's relaxed geometry and because it was designed for riding over rough roads. I fiddled with the gearing and got some 32 spoke wheels. Here is my gear list.

Lightweight Touring Gear List Redux. | The Wheels of Chance

Thanks. My Masi is a 50/34 (typical for bike type), about the same weight, with Ritchey wheels. Your gear list is pretty typical, almost exactly like mine, but I am intrigued by the Carradice bag. What a cool find! I'll have to investigate that one. I also had a tarptent once that I made (from the Shires pattern), but I found I like double-walled tents for the Appalachian rain forest. Fortunately there are a bunch of dble-walled ul shelters out there now. Thanks again!

In the broad spectrum of bike touring 40 pounds of gear is pretty solidly in the normal range. If your way works for you that is great.

Some of us find a lighter load and a sportier bike to be more pleasant to ride. Some of us also like a more minimal lifestyle on the road and enjoy having fewer things to deal with.

Both approaches can work fine if they suit the rider using them. Then again maybe you are just super human, we are wimps, or both.

I've been using a Carradice stuff since I was a teenager in England, 40 years ago. The Camper saddlebag is useful for lightweight touring, but the cotton material is a bit heavy and I wish they made it out of more modern fabric. The bikepacking bags are lighter, but smaller volume and not as convenient IMHO.

My gearing came as 50/34 x 12/25 (I think). I've change it to 46/34 x 12/36

I have a love/hate relationship with mudguards. While I appreciate the protection they offer, they can be a real pain. I've never ditched them because of weight ... but I have because of frustration.

If you're touring from home and don't have to pack your bicycle and all into a box, they're probably OK. But they do add something extra to deal with if you're packing your bicycle into a box.

If you've got a set that don't rub on the tires and are fairly sturdy and you're not having any issues with them, I'd say ... keep them.

And maybe you need different/additional rain gear.

I expect people who come over from modern backpacking sites will be amazed at some of the stuff bike tourers still carry. Ultralight gear and approaches still haven't totally penetrated. However, with bike packing and adventure trips like "The Great Divide" a growing number of people are moving away from racks and panniers.

I suspect you have already mentioned this in the past, and I possibly replied also in the past--this is something that I prefer also, having some extra space for carrying food. Last fall when I did a short two day trip and packed using less stuff, I was going to go with those new Arkel Dry-Lites panniers on my rear rack and a waterproof bag on top of the rack. I could have only gone this route, but it would have been tight, so I put the front rack on and used my old small front panniers and had lots of space for extra water in a 1.5 liter nalgene and food bought at the end of the day for supper, bkfast etc as I planned on camping where ever I stopped at the end of the evening along the trail.
Sure, adding the front rack and panniers added maybe 3 lbs, but I didnt have to scrunch everything into what I had on the rear and having the extra space for bulky food was nice.
Also, in this specific case I was on a rail trail with gravel for sections, so it was nice having the weight balanced out more (in the end, the second day was in heavy rain and the trail became so soft I bailed on it, partly due the amount of water and being on 28s)

Ultralight or lightweight doesn't mean that you don't have room for extra food or water. The longflap on my saddlebag is very useful for 2L soda bottles and extra food. Also it's easy to strap stuff to the lid of the saddlebag and if I need even more room I have a nylon backpack.

yup, was just projecting from that time with my bags. As you say, guess it doesnt matter what setup you have, it doesnt mean you will or won't have extra room.
Like the idea of a nylon knapsack, there are many out there now that are super light and pack down to practically nothing. In fact my wife has one that has held up well for a few years now and I never even thought of using it (partly cuz I hate wearing one while riding, but for bulky stuff that wasnt heavy it would be fine, especially if just for not a long time)