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Bitex weighs about a quarter of an XT, and also gets you centrelock, cartridge bearings and about 40 more points of engagement.
Not true (not even half true, unless Bitex is sub-170g), not true (I linked to centerlock XT), not necessarily a good thing (cup and cone has lower contact pressure for given bearing external dimensions), not a thing worth paying for on anything other than a trials bike. But yeah, knock yourself out if you want to save 6oz by using weaker hubs :)
Shimano hubs are not unimprovable, but if they did them in a proper range of drillings and pretty colours they would put half the boutique hub manufacturers out of business overnight.
Or even 18 times the price of FH-M785. You don't hear a lot of people complaining about short service life or expensive maintenance on XT hubs :)