1. Lightened flywheel
Pro's
a) Engine revs up easier. Slightly higher acceleration at mid and high end.
b) Higher top end when running on flat terrain.
Con's
a) More difficult uphills. Lighter flywheel doesn't "store" so much energy.
2. Racing clutch
Difficult to say as it will depend on the type of racing clutch installed. But generally,
Pro's
a) No clutch slip. Full power of the engine transfers to the gearbox.
Con's
a) Very stiff. Traffic jams will either kill you, or you will end up with one very muscular leg.
b) No "play". Some clutches are either on or off, no in-between.
One of the best compromises I have used is a racing pressure plate, but stock clutch plate. It won't be lighter, but there will be enough "play" to make normal driving acceptable.