I don't think a 20lb bike is going to hold anyone back, unless it's a hillclimb race you're talking about.
Hell I scored a few points last year on a 22.5 lb Ciocc (the PT does add some weight), and that was in a hilly road race.
Though I must admit the Raleigh weighs in a 18.5# and I'm pretty happy with that, it feels pretty light to me. (w/ same PT)