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Understanding the consequences of species loss in complex ecological communities is one of the great challenges in current biodiversity research. For a long time, this topic has been addressed by traditional biodiversity experiments. Most of these approaches treat species as trait‐free, taxonomic units characterizing communities only by species number without accounting for species traits. However, extinctions do not occur at random as there is a clear correlation between extinction risk and species traits. In this review, we assume that large species will be most threatened by extinction and use novel allometric and size‐spectrum concepts that include body mass as a primary species trait at the levels of populations and individuals, respectively, to re‐assess three classic debates on the relationships between biodiversity and (i) food‐web structural complexity, (ii) community dynamic stability, and (iii) ecosystem …