To answer the question … well, it depends.
One of the first things you probably read above is the line “read this first?” — even though it’s much smaller, not bold, 50% black and has that dreaded “wasted space” around it. Now true, bigger IS better… when nothing else is big. Bolder IS better when nothing else is bold. I don’t know how many times I’ve tried to communicate that, and until you see it, most people don’t understand it. The point of making something bold is to draw attention to it. And if everything is bold … well then basically nothing is bold. Difference is what counts.
Another this that is hard to understand unless you see it is how overfilling a page reduces the value of each element on a page. Of course, there are exceptions to anything. But look at it this way — each page in a layout or design has a set value to it and the value of that page is divided up evenly among the elements you put on the page (be it words, graphics, photos) … By emphasizing elements (making them different from the other elements on a page using either size, color, weight, or spacing) you shift value to them — giving clear clues to the reader where they need to start and what is important. And because each page has a set value (i.e. square footage in a home), white space has value. In the example above, “read this first?” inherits the value of the white space around it … making that line more valuable.
I would also argue that “white space” has more inherent value to it than other attributes, but that’s for another post…
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