I suspect that the Walmart weight isn't right but sooner or later it is going to happen. We all want more companies to pick up the lightweight philosophy and design better, lighter products and eventualy they will and when companies like Walmart get in on that particular act, the price will come down too.
So, eventually, cheap, lightweight and effective will be the case.
What will we all do then when everyone on the trail says, "So your pack weighs that little, so what, so does everyone elses!!!"
I guess we'll have all find something else to be fanatical about :-)