Ted, I have one of those old Raleigh three speeds that I picked up at the Goodwill for $15, it's a 1962 Men's Sport model and it's not very much heavier than the so-called road bike of that era. While it's not my main preference for group rides with the younger set, I do ride it sometimes just to guage the physical attributes of my partners. They laugh when they see a 63 year old guy ride up on a three speed, but usually at the end of the day it's me that's giving the cycling tips. Just keep in mind that there's more to being a fast cyclist than a lightweight bike. This was brought home to me by a young girl that had been told by her doctors that she would never be able to walk correctly due to a past injury. Well, this young lady would tag along with us "pro" cyclists on her Huffy for our daily rides and she not only kept up, but soon became serious competition.
I do enjoy riding the Raleigh, it's not only very quick for it's weight, but with the wide Brooks saddle, a comfortable ride as well.