Is Ultra Lightweight Bushwalking Too risky?

I suspect than many ultra-lighweight bushwalkers might not be able to honestly say that they adequately equipped to cope with adverse weather, minor emergencies and significant gear failures?
Will they need to call for help because they are under equipped? Will someone need to loan them gear?
I am not a risk taker so to avoid the risks inherent in walking say the Western Arthurs, Federation Peak, and the Gammons (northern SA) I spend a lot of time planning. In fact, I enjoy the planning almost much as the walk! I look at the weather statistics, read reports on blogs and forums, talk to people in the gear shops and in the two bushwalking clubs to which I belong. I use Google Earth to view the route, study maps, check Flickr and other photo galleries for photos.
Then I pack accordingly based on the expected weather, terrain, isolation, potential for accidents, food requirements.
Many times, my pack is heavier than some others in my group but I know that
What is the point of sacrificing safety to save a few hundred grams weight?
Will they need to call for help because they are under equipped? Will someone need to loan them gear?
I am not a risk taker so to avoid the risks inherent in walking say the Western Arthurs, Federation Peak, and the Gammons (northern SA) I spend a lot of time planning. In fact, I enjoy the planning almost much as the walk! I look at the weather statistics, read reports on blogs and forums, talk to people in the gear shops and in the two bushwalking clubs to which I belong. I use Google Earth to view the route, study maps, check Flickr and other photo galleries for photos.
Then I pack accordingly based on the expected weather, terrain, isolation, potential for accidents, food requirements.
Many times, my pack is heavier than some others in my group but I know that
- * my tent won't blow down or collapse in a snow storm
* my gear will stand up to pushing through thick scrub
* my boots can withstand the rocky outcrops
* if my waist belt breaks I have a spare buckle
* I have sufficient food for at least an extra day, if creeks are swollen or there is heavy rain
* when I lower my pack down a rock face that it won't tear
*my gear is fully waterproofed with a pack cover and inner bag
* my first aid kit will be able to cope with a significant emergency
* I have adequate layers of warm clothing to cope with an unexpected bivy on the side of a mountain
* I have some elementary climbing gear if I need to descend down/up an unexpected steep slope
* I can cope if my GPS fails because I have a map and compass as backup
What is the point of sacrificing safety to save a few hundred grams weight?