There's no doubt that the Graphite 2 can compete with today's frames. It hits a heavy ball, is probably the most rock-solid feeling frame I've ever played with, and it has tons of control and power. The sweetspot is plenty big, there are no dead spots, volleys are crisp and have tons of pop, and there was so much I could do with my serve.
I've tried to go lighter many times, but like you, I always end up back with a 12 oz frame. I was just saying that there may not be enough benefit for me to go from my 11.8 oz PDR+ to the 12.5 oz Graphite 2.
If I could find the feel of the Graphite 2 at about 12 oz, I'd probably jump on it in a heartbeat.