Virg-
As for the weight of the Camaro, I'd like to see it brought down some more but I don't know how much they could without turning it into a Cooper Mini. The Z06 is rated right at 3300 lbs., the Camaro at 3800, while the Challenger SRT8 is over 4100 lbs. I'll take 3800 over 4100 any day of the week.
Also, I don't blame GM for hedging their bets with the new Camaro, gas prices and all, and the finicky nature of car buyers. For the first year of an all new car being conservative is a safe bet for GM. If the Camaro takes off, and i'm sure it will, look for a broadening of engines and models available. I think the LT, LS, and SS model badges are TEH GAY but that is the Chevy modus operandi at the moment for all car models.
I know going back to at least the 3Gen of F-body's there has been the 1LE option which, I am sure you well know, was the stripped down road racing option available to anyone. It was basically an AC/Stereo/Unneeded options delete option. They are failrly collectible today.
As I stated earlier though, I don't really consider the new Camaro a complete tribute to the mighty '69, it more or less nods its head towards it, but I think that if the new Camaro sells well consistantly over it's first 3 or 4 years, and that's the key, you'll see a bunch of refinements and options added to it. At least you have a choice of more than 3 or 4 colors unlike the 08 & 09 Challenger SRT8; colors for this years Challenger, a whopping 4 to choose from in 09.