I don't think so. Light is not quite 'lost.' It is spread out to cover a larger area and so correspondingly loses intensity. Just like an enlarger making an 8x10 print will need 4 times more exposure (2 stops) than when making a 4x5 print (1/4 the area of an 8x10). This spreading out happens no matter what method you use to achive the magnification and so there is an equal loss of light intensity.
Originally Posted by John Koehrer