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One of the advantages besides weight is IMHO that graphite does a better job of throwing larger/weighted flys in the wind.
My casting ability stinks anyway and others may cast better in high wind with graphites but I don't. That's why I got a fiberglass and that its more accurate and more forgiving of casting errors for me. For me, my graphite is good for longer distances in low wind so when fish are spooky, I can reach them and the graphite shines. My fiberglass is more bulky but I don't think its heavier than my graphite. Each has its place for me and I use them when and where their strengths are to my advantage.