Shawn,
First keep in mind that a plane this size can easily vary 8 oz. in wood/assembly adhesive. That's the nature of ARF's. If someone was to offer ARF's with handpicked wood... you could count on paying double the price.
Also consider that Chip's recommended setup may very well NOT be the lightest it could be setup.
For instance... You could use one of the new JR DS8611 220+ oz servos up front with a dual pull-pull cable setup on the elevator like Dave Patrick has on his Ultimate 1.20 (ALOT lighter than a pushrod system and perhaps more precise. Not only would you save 3-4 oz. in the tail (12 to 16 in the nose), but reduce overall weight by almost 1-2 oz. by only using one servo and no long extensions.
Carbon fiber gear might save a couple oz. too...
There alone is 16-20 oz of weight savings... say you got a 4 oz lighter airframe and you are under 11 lbs...
Maybe some lion batteries, carbon prop/spinner... and you get around 10.5 lbs...
It CAN be done... if someone really wants that weight...
But as the reports are coming in... at the 12lb + mark it's an amazing performing plane... and that's REALLY what counts isn't it?
I've seen people get SOOO mired in weight/no lead issues that they really lose out on the enjoyment of flying a plane.
For me the CAP-X is one of the highest quailty ARF's I've seen... It's also perhaps the most attractive CAP offering I've seen... (am I the only one that just LOVES that pearl white?)
And I can't wait to fly it... VERY soon....
SO my suggestion... go out and fly it a dozen times... then come back and report whether you are dissappointed...