pros and cons to the LWF, hey theres another TLA, haha.
engine will gain revs faster and lose revs faster, and become more responsive to throttle inputs.
the down side is you need to be that much faster and precise in your shifts. especially down sifts. granted this is all relative to the weight of the flywheel. with a light weight, in the time it takes you to push the clutch and shift and let it back out the RPM's are going to fall more and faster then they would on a heaver flywheel. with down shifts you don't have the weight of the flywheel to cushion the revs as you down shift so you need to be more precise then you would on a normal one. granted your not going to a 10lb one or anything extream so it's not going to be hard to drive or anything, but it will be noticeable.
we but a 18lb one in my friends dsm, while a blast to drive on a twisty back road, in town traffic it became much harder to drive.
in my opinion ( for what it's worth to some people) i wouldn't bother with it. i would just have the stock one resurfaced. but if you want that throttle responce and faster reving engine, and don't mind spending the money or having it be a little harder to drive then a stock one go for it.
some light reading to back that up. not that anyone cares
http://www.ducati.net/faq.cfm?id=44 for sport bikes, but the concept is pretty much the same
http://forums.vwvortex.com/zerothread?id=2460195 vw's but yeah.
http://www.my330i.com/mod19.php bmw see above