As someone who recently did some job hunting I will tell you that while I agree on an idealism level with your comment it's just simply not true in practice.
I had many, many companies outright reject my truncated resume even though it provided an outline of years of experience and some top accomplishments simply because it didn't include enough of the buzzwords they were looking for. Resubmitting with my longer, 5 page resume (which I absolutely hate doing)? Accepted. Every time.
I will say, however, that if you can apply directly to a person via email (the "Who's Hiring" HN posts are perfect for this, typically) then the shorter resume will work just fine.