The author stated compact tractors now have more horse power but are lighter in weight thus making them more efficient. Without weight and torque what good is horse power?...... I feel people are buying horse power that is useless to them. Am I totally wrong?
Your not "totally" wrong, but, you are wrong. Weight to HP ratios aren't that important for many tasks. For instance, with my PTO stump grinder, I can use 100hp tractor. It could be the same exact size and weight as my current CUT, but have 60 more HP at the PTO. This would allow me to use every bit of that power having nothing to do with traction whatsoever.
Another example would be a large
chipper, I could chip a 10" tree with my CUT if I had that same 100hp tractor as above, again, nothing to do with traction.
A large mower would be another example to an extent. It would take a big heavy tractor to pull a huge mower still, but perhaps a high HP CUT would pull a 12' batwing just fine, and with enough HP not to have to slow down in the big stuff. I'm only guessing here as I don't have any experience with the demands of a large mower like that.
So in one sense you are wrong, people aren't buying horsepower that is useless to them, just because its not on a heavy tractor. In another sense you are right, it does take weight to put that power to the ground, so for ground engaging implements, it would indeed be useless horsepower at some point.
It all depends what the operator is using that power for, ground engaging, stationary, somewhere in between etc?
What book were you reading?