However! i went to the BMW museum and they used small but very heavy (18kg - 22kg) flywheels in there race engine in the late 70's early 80's. i still haven't fully figured out why. the only reason may be to 'keep on turning' with a higher CR- engine (continuation of the rotating object, i can't express myself better, but you know what i mean).
"Flywheel Effect".
Good for helping small low torque motors maintain speed up and down rolling hills with less throttle needed, good for cruise economy, good for easy driving (especially slow creeping in first through the city).
Also good with high revs off the line to help prevent the motor bogging down.
PS; I forgot, heavy flyheels are also CRAP at "blipping" between gears or on/off throttle stuff.