It isn't. Weights: Tiagra rear hub 348g, 105 same weight (2004 model), Ultegra 2007 410g. For Campag rear : Centuar 260g, Mirage 2007 303g, Record 231g. To beat the weight of the Record in Shimano pattern you'd have to spend serious cash on a DT Swiss, American Classic, or Tune hub. Only economic hub that I know of that is even close is the Ambrosio one above. Depends on your definition of 'light' I guess. Less than 1kg for a rear wheel is mine (does not include skewer, tube or tyre though).
Anyway I agree with everything else you say. Only drawback is don't Hope rear hubs make a very loud noise when freewheeling? The OP might not mind that though.