From what I'm hearing, it's more about the aerodynamics than the weight, as a general rule. Am I correct?

I currently ride a 2005 P3 (aluminum) with Ultegra components, carbon hydrotail and Flashpointe 60 wheels. I'm trying to determine where money would be better spent to get lighter (and ultimately faster). Should I keep the frame and upgrade components to get the weight down? How much could I conceivably reduce in weight - I don't know. Alternatively I could change out the frame to a much newer carbon frame and keep my components. Will I recognize any change in weight from the 2 options?

What would you do? I understand the frame choice is extremely personal so I'm not necessarily searching for "what frame should I get", but looking for more guidance from those much more experienced than I.

Thanks for your input!

Aerodynamics are the most important thing and remember, the least aerodynamic thing on a bike is the rider. If you were fitted to the bike a few years ago, it might be time for another fitting.

Now Ed, if you send me the $2000 you'll go faster because your wallet is so much lighter. :-)

But yes, Powermeter.

Got my bike refit last night by a professional: Simril Multisport Coaching - and he made several changes.
Took my seat stub on my P3SL and reversed it, making my seat more forward. Inserted a wedge in my left cleat to make my left knee upright. Took my stem an dropped it all the way. The result of all this, after looking at the photos, this gives me a much more aero position without losing any power. A few slight more changes may happen, but after riding this morning, it felt more aero, felt like I had power when I needed it and I didn't have any back issues from the more aggressive position. The only thing I noticed was my neck and shoulders were getting sore from looking up more than I previously had to - due to the lower position.

Anyone else have this issue? How can I get my neck and shoulders used to this position? Keep riding? Are there stretches I can do or something else?

What about buying higher quality food every day for the next year?

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Put the money in a 90 day CD, see if you can ride 1 mile for every dollar you invest, and if you do, go spend all the money you want on whatever toys you want for your bike, or anything else for that matter, regardless of what anyone else says - you would have earned it. If you don't ride 2000 miles, re-invest the $$$ in another CD and try again.

2000 miles/13 weeks is a tad over 150/wk. I guarantee that will make you faster than anything else you can do, and you get to keep the 2k. It can be quantity miles even - it does not necessarily need to be quality miles. Just ride lots. And don't crash...

I like that idea! I've always been a goal-setter so you may be on to something here.

Thanks for everyone's input - all this really helps and my wife likes the idea that I'll keep the bike and not be chasing after another high dollar bike.