While I agree with everything you are saying,
WAB, these are technically 2 different issues.
The diameter of the light beam, as determined by the diameter of the objective and the magnification, is entirely independent from the amount of light carried within the light beam.
Admittedly it all comes together in as much as better light transmission in a smaller diameter light beam will make up for the smaller diameter, but all parameters being constant (same glass, same coatings, same number of lenses, etc.) a wider beam will carry more light than a narrower beam.
As to whether the shooter's eye can fully benefit from it, it is indeed a wide ranging variable
rookhawk. Age is an obvious factor, but far from being the only one.
All of that to say one more time what we all agree on: get the best you can afford, and I would add that paying for a few months a credit card's interests is probably worth it when it comes to getting top quality glass that will last you a lifetime if you are reasonably careful.