I've built a few engines (none NSX) using the principles described in engineer David Vizard's books. This is not NSX-specific, but here's his explanation of the benefits of a lightened flywheel:
"A lighter flywheel neither increases power nor makes the car faster. It does, however, allow the car to accelerate faster because of the reduced mass which the engine has to speed up. The lower gear the car is in the greater the effect of the reduced flywheel weight. To clarify the point, let us assume that we have reduced the effective weight of a flywheel by 10 lb. While the car is in bottom gear the engine RPM to driven wheel RPM is 16 to 1, i.e. the engine turns 16 revs to the wheel’s one rev. The 10 lb. flywheel weight reduction is equivalent to reducing the weight of the car by 16 x 10 lbs which is 160 lb. When we change to second gear which, we will say, is about 12 to 1 overall ratio, the gain, because of the lighter flywheel, will be 12x10 lbs. which is 120 lbs. By the time we get to top gear, the effect of the lighter flywheel will only be about the same as lightening the whole car by 4x10lbs. or 40 lbs. With some exceptions the effective weight saving will not-be as great as 10 lbs. A more likely figure is between 6-8 lbs., but this is enough to make a noticeable difference. By way of a bonus, the lighter flywheel also enables snappy gear changing when downshifting."
I've had a few vehicles (street and track, cars and motorcycles) with lightened flywheels and I'd say the change makes the car feel more like a high HP/low torque engine (think Honda S2000) VS the reverse. You need to rev a bit more to get the car moving, but the difference in acceleration is noticeable. I just like the faster revving and return to idle too. With engines that are pretty torquey to begin with (think Porsche 911), it's a nice change because the low-end torque still helps smooth things out. In some cars you will get more gearbox rattle at idle (Porsche 911s for sure, either 915 or G50 transmissions) because the flywheel effect also pre-loads the entire grear train. Not harmful but can be a bit annoying.