As stated above, case weight does not necessarily equate to case volume. However, a lot of high-level long range competition shooters swear by it. Although I think a lot of it is mental, I can understand that losing even 1 or 2 two points can change the outcome of a match among the top echelon shooters.
What really makes me laugh is to hear about someone weight sorting their brass to the nth degree, only to find out they are throwing their powder with a machine that is at best, accurate to +/- 0.2 gr or so. If you're not weighing powder to half a kernel accuracy, it's unlikely you will see much gain from weight sorting your brass. However, if you want to weight sort your brass, sort your bullets by weight, base to ogive, or by bearing surface, trim your meplats and point your bullets, or anything else aimed at extreme accuracy/precision, that's great if you can find the time to do it. All I would say is that you better know what your limiting source of reloading/shooting error is before spending all that time and effort. For many, I think it's far more likely the limiting source of error is an inaccurate scale, poor brass prep, even a rifle (or shooter) that won't hold small groups at 100 yd, let alone longer ranges. For these individuals, weight sorting brass or any of the other techniques will largely be wasted effort.