Well, people talk about lightening the crank to lower rotating mass... and lighter driveshafts, ect. But all these things are close to the centerline of rotation... their weight has an effect, yes, but not that great of one compared to that which is further away; at a longer radial torque distance.
Imagine a teeter totter, with a big fat kid right at the end of his side; it's going to take a lot of force to get his bigass in the air. Now, if you move that kid towards the pivot point of the teeter totter, it will take progressively less force to lift his bigass. This is because you (your engine) will have a greater mechanical advantage on the big kid (the tire), relative to the pivot point (your axle center of rotation). As the big kid moves towards the centerline, you gain more and more mechanical advantage to lift him, and he gets less and less mechanical advantage to resist being lifted. Of course, the alternative is to swap out the big kid for a smaller kid, which is what I'm talking about with lighter rims and tires.
Now take that same principle and apply it to a wheel... the further the weight is from the pivot point in radial torque, the more torque (and therefore power, as that power is a function of torque), it takes to rotate that weight. It may seem counter intuitive for mechanical advantage, but if you go to a playground and try it, I'm fairly confident you'll see what I mean very quickly.
Get lighter wheels and tires, and it's akin to shedding an entire passenger and your spare tire... not only that, each weight saving is muiltiplied by 4: saving 3lbs per tire and 5lbs per rim makes a total savings of 8x4=32lbs all around. If the factor of 10 rule really is true, that's like dropping 320lbs of static mass. That's like ripping out your back seat, getting the wife to stay home, ripping out the A/C, and the spare tire... of course, the factor of 10 rule is just something I read, I'm unable to back it up... but you see where I'm going with it.