Interesting topic, opposite opinions, but each as merit IMO.
The compressed scale we deal with now, both here and in Aus, makes real handicapping a thing of the past. Curious will have stats, no doubt, but it is plain that now, topweights win frequently, far more often than they should under an accurate handicapping regime.
In those former days weight definitely played a big part - affecting some more than others, obviously - but now, the differential is so slight as to be of very little significance to most. IMO.
In the same era as Zeditave - quoted by J.B - I had two smallish geldings in work. One won four in his first racing season, and looked to be more than useful.
The other won a couple over the next couple of years, but struggled in the old C 3 classification under top weights.
In frustration I tossed him into Open class, in on the minimum and he immediately found form. He placed in the Hazlett Stakes - then 1400m - and then ran 3rd in the 2000m Easter Classic, and won the 2400m Great Autumn.
He could cope with the classier animals just fine, but clearly, struggled with weight.
The other bloke, small as he was, ran successfully in highweights, handled the impost despite his small frame, but couldn't cop the step up in class.