While I have a lot of time to hit the water, cooperating winds do limit how often I can sail. I simply don't want to split my water time between two activities.
Also, I have watched kiting quite a bit, from beginners to experts. There is a lot of time spent working upwind, just for the opportunity to get some air for a few seconds. While big air and tricks look cool and exciting, it's only a very small percentage of the time on the water.
I have also watched kites course race, and they are amazingly efficient with their specialized boards and a few can keep pace with formula boards. Beating upwind is fine, but the downwind isn't nearly as exciting or radical as formula in 25 knot winds. The kites can easily de-power their rigs downwind where the formula sailors just have to hang on. That may or may not be a good thing.
The danger/risk factor is another issue, plus having a partner to get you launched or back on shore seems to be a negative factor as well. I am sure you can do this by yourself, but the risks probably go up.
I don't see light wind being an argument for kiting. Formula is just as if not more efficient in winds under 10 knots. Neither are particularly exciting in light winds.
Kiters definitely like what they do, but it isn't for everyone. Kiting has more spectator and visual appeal and that is probably one reason that many are drawn to the sport.
Formula 160; iSonic 111; HiFly Move 105; Tiga 263; '85 Mistral Superlight.
Maui Sails TR 11.0; 9.2; 8.4; 7.6; 6.6; Maui Sails Switch 6.0; 5.2; Maui Sails Global 4.5; 4.0.