Modern neural architectures for 3D point cloud processing contain both convolutional layers and attention blocks, but the best way to assemble them remains unclear. We analyse the role of different computational blocks in 3D point cloud networks and find an intuitive behaviour: convolution is adequate to extract low-level geometry at high-resolution in early layers, where attention is expensive without bringing any benefits; attention captures high-level semantics and context in low-resolution, deep layers more efficiently, where convolution inflates the parameter count. Guided by this design principle, we propose a new, improved 3D point cloud backbone that employs convolutions in early stages and switches to attention for deeper layers. To avoid the loss of spatial layout information when discarding redundant convolution layers, we introduce a novel, parameter-free 3D positional encoding, PointROPE. The resulting LitePT model has $3.6\times$ fewer parameters, runs $2\times$ faster, and uses $2\times$ less memory than the state-of-the-art Point Transformer V3, but nonetheless matches or outperforms it on a range of tasks and datasets. Code and models are available at: https://github.com/prs-eth/LitePT.