Dean,
I think you really nailed it. Having spend many years between the mid-80's and early 2,000's working in the outdoor equipment world, then pretty much ignoring the market for the next decade, I am now in awe with how much lighter base backpacking equipment is; especially in regards to tents, packs, and sleeping gear.
Although 2p tents were the norm, the solo enthusiast had options which were typically 25% to 60% lighter. That weight difference back then is the same as the total weight of most cuben tents, nowadays. Of course the typical customer would look at any of our "two-man" tents, squint their eyes, and say: "Can you really fit two full grown men into that thing?"
However, I very clearly remember that when EITHER the cost or weight difference between two pieces of equipment became arguably negligible in the mind of the customer, they would then seek to understand how one piece of gear could provide more "potential" functionality than the other. If they were convinced one could offer more "potential" options than the other, they had made up their mind (assuming other comparative attributes were of similar value.)
But to make that choice, they already had to be convinced that the cost (or weight) was "the same".
Regardless, I still see great "value" in seeking out a specific tool for a specific purpose, and leave the rest at home. To me, UL philosophy is all about knowing precisely what I am willing to have with me to balance the safety and comfort of what I am doing. That mindset goes far beyond just backpacking.
In this way, I am always reminded of the tools I have in the basement. I loved my cordless drill, until I "tasted the Cool Aid" and got the impact driver. Most of the time, I had used the cordless drill for screwing and unscrewing, and rarely for actually drilling stuff.
Then I watched my carpenters work with the cordless impact driver, and my world changed. Now, I have a tool that does "most" of what my old drill did, but the whole thing weighs less than the just battery of the drill. (And now my wife doesn't mind using it, too!)
But it all boils down to use: what is the "True Cost" of going to multi-use, and what am I gaining or giving up by that choice?
(Not that I plan to bring an impact driver on my next UL trip… :) )