Also stiffness. Carbon wheels = power to the ground rather than lost in spoke flex. Same with stiffness of framesets (although there are tradeoffs in terms of comfort - design has a lot to do with making a frame flex in certain places to absorb bumps, but be stiff in other places to deliver power).
For an easy example of stiffness and power transfer, compare riding in cycling shoes vs. riding in sneakers. I still remember the 1-1/2 mph I got out of my first pair of cycling shoes
Speed comes from what you put behind you. - Judi Ketteler