Nerd it up. We can handle it.
First of all, I think that data from Cervelo was interpreted incorrectly.
http://www.cervelo.com/tech/articles/cervelo-calc.html
The 0.4+ lbs came from a comparison between a standard frame and a P3. Even if it mattered, the P3 isn't legal for mass start races.
Secondly as Dini and others pointed out, that large blob of meat sitting on top of the bike is the biggest source of drag in the system. Cervelo's tests were all conducted in various seated, tucked down time trial positions. Once you really get up out of the saddle and start hammering, the drag coefficient of your body goes up considerably.
Besides, even in the context of a time trial, "
Conclusion
As was already indicated in Jim Martin’s article, considerable time savings can be obtained through the use of aeroframes. However, it is even more important to ride in an aerodynamic body position. Therefore, when choosing a frame, one should look at the geometry as well as aerodynamic characteristics of a frame."