basicly, your engine will rev up faster, with less weight in the rotating mass assy. also lose revs faster. may exhibit additional roughness at idle, as one of the reasons for some weight on the flywheel, is to smooth the idle. May also need a little blip on the throttle from an idle, as it wont have the weight where it used too, to take off smoothly. these are just my impressions from having driven cars with lightened flywheels, the effect depends of course on how light you go. I personally dont feel the need to lighten flywheels on everyday drivers, but do on track cars or toys that dont see everyday use. your experience may differ.
Geoff