The 1983 Chicago-forged Schwinn Sidewinder I sold last month at the Tucson swap would probably scoff at the Ranger: "Lightweight." That steel beast was about 15 lbs as a bare frame / fork / headset / stem / seatpost. But archaeologists thousands of years from now will examine it as one of the few surviving relics from our culture and wonder how we were able to forge such a durable artifact.
I routinely ride a Chicago Schwinn cruiser with Wald baskets, steel fenders, and a 7-speed IGH that tips the scales at nearly 60 lbs before you even add a water bottle, toolbag, or human. But I don't mind riding it, as it has relatively light wheels, it's fun, comfortable, and provides a quality workout on a per-hour or per-mile basis. But I probably won't select that particular bike for a crit or time trial. It all works out. And then when I get on any lighter bike, it certainly feels faster.