From my knowledge and experienve, the code to text ratio of a page is used by search engines and spiders to calculate the relevancy of a web page. A higher code to text ratio gives you a better chance of getting a good page ranking for your page.
Maybe not all search engines are using the code to text ratio in their index algorithm, but most of them do. So having a higher code to text ratio than your competitors gives you a good start for on-site optimization.
And my question to you: Do search engines read the whole amount of a page? If yes, if your pages are filled with excessive HTML code, they will not see all the text content.
Some resources for further reading:
1.
http://www.seochat.com/c/a/Search-En...ion-and-CSS/5/
2.
http://alistapart.com/articles/seo
3.
http://www.dot-seo.com/seo-tools/web...content-ratio/
Don't you agree with all this?