^^there are 2 school of thoughts for this thing
one consider the lightened flywheel=gain in power while other's not.
in reality both are ri8.
because when a car with light flywheel runs over dyno,nd then same setup with stock flywheel runs at dyno,result of the power is same because dyno shows max power at constant revs but it does not demonstrate wht happens to the power in real life situation:P eg acceleration
if a setup is accelerated on adyno around 2k rpm's/sec it would show around approx 25% less than constant rev state.
reason is
while acceleration engine has to push the weight of car+internal components of engine need to be accelerated too this absorbs more power as more power is required to accelarate the internal mass of engine that is why a motor on dyno wil show more powerat constant revs,for the topic ''rate of acceleration on engine internals is greater than rest of car nd a lighten flywheel helps in this regard,less power will be required to accelerate it thats why more power would be avlabl to push the car.
v few reduction in flywheel's weight can show hell of magic:)