I used to go to track days with my standard 260mm discs (no grooves etc), standard BMW pads and DOT 4 brake fluid from any old garage. This setup worked fine, I don't ride the brakes and do about 20-25 laps wereas other guys pull in after 5 laps.
One day I was racing against a Honda VTEC (from one of the local racing series) on a open track day, we both give 110% through the sweep and I leave my braking for the last possible instant. While I am only just managing not to go into the gravel trap, the VTEC just shoots past me before hitting his brakes. I was stunned, nobody beat me like that before.
I swore that one day I will put decent brakes on the car. I had ordered bigger discs and the Wilwood 4-pot calipers. When I looked at the pads and compared them to the BMW pads, they looked slightly smaller and I was bitterly disappointed. After I saw the Wilwood 6-pot calipers, I had to have them, not only were they bigger but the build quality looked good while the 4-pots looked like cheap mass product in comparison.
I do share your sentiments about the weight though. The big 6-pot caliper might not be heavy, but the disc is quite heavy. In addition, I need 45mm wide hub spacers to clear those calipers - more weight.
In my eagerness to outdo the Honda VTEC I may have shot myself in the foot. I guess time will tell.
I don't race in championships, just attend open tracks days and club events. The car is totally stripped and will get a roll cage. To bring the weight down, many body panels will be replaced with carbon fiber parts and possibly include a CF roof and doors - goal is to weigh under 950kg. A coilover suspension is also on the list.

Alpina B3 2.7 Racecar under construction.