...and it's better than some of the answers you've been getting!
There is not much doubt that the primary variables in lens size
are FL and maximum aperture. However, the story does not
stop there. One only has to compare, say, a 150mm/2.8 for
a Hasselblad with a 150mm/2.8 for a 35mm camera to see
that the coverage circle DOES matter to size and weight.
It is interesting to compare the specs of the new Sigma
50-150/2.8 with the Nikkor 70-200/2.8 and/or 80-200/2.8.
http://www.sigmaphoto.com/lenses/lenses_all_details.asp?id=3318&navigator=6
The Sigma is designed for DX format (and similar), while the
Nikkors are designed for "FF." When operating against their
intended formats, they have essentially the same FOV range
and speed. But the Sigma is about 2/3 the size and weight
of the Nikkors. The weight DIFFERENCE is enough to account
for another (smaller) lens, a big flash unit, or a backup camera
body. That's important, to some of us! (Just ask a back-
packer how much they spend to save 10 grams with titanium
tent pegs or some such!)
Note: It is true, of course that, the 200's have more "reach"
on DX format than a 150. But it is also true that taking the
wide end down to 50 could be of equal value to someone
whose other lens was something like a 17-55.
If (a BIG if) the performance of the Sigma compared favorably
to a Nikkor 80-200/2.8, then I have NO doubt as to which one
I'd rather lug around all day.
So you are absolutely right to think that DX offers the potential
for size and weight savings compared to "FF." However, that
potential is being realized only gradually.
Happy shooting,
Ed