The small sail plan appears to be not truly competitive with the large sails.
Not true. The only people who say that have never tried the lower weight category and small sails. The formula works great; if anything, I think the small sail plan is favored. Same main sail, and the newer designs have tremendous buoyancy... makes a light team scream upwind and sail deeper/faster on the run. Personal experience both as a skipper and a crew on the Capricorn, Infusion and C2 with big and small sails, and on the Wildcat and Tiger in addition.