The walls of the upper and lower where they meet are much thicker than your average AR15. I'd estimate about 0.2" (at work now, can't measure). I believe this contributes to the "tightness" of the rifle.
The upper is the part with the cuts, not the lower. I'm not sure why they did this -- they look like lightening cuts to me. Since there is no forward assist nor port door, there are fewer steel parts in the upper, so it ends up about the same weight as a standard upper, I think.
The bolt carrier is also "lightweight" (designed for match only) which allows less gas to be required for operation (tunable with gas block). Admittedly the LW bolt carrier isn't a "duty" or SHTF item.
Re: IAI/ACOG mounting, you should try it before you condemn it. With the ACOG (TA01/31/11) mounted directly to the IAI, its center axis is really close to the height of standard A2 iron sights.
-z