i don't know from firsthand experience (yet), but i've often heard from good sources that a lightened flywheel is, bang for the buck, one of the best performance upgrades.
it makes sense if you think about it. it's not weight savings, of course; the lightened flywheel is less rotational mass that the crank has to work to spin. so if the crank is using X amount of power to spin W lbs/kgs in weight from the factory, there are huge benefits to be reaped if you come along with a lightened flywheel. this means that the crank is still using X amount of power to spin <W lbs/kgs in weight. unless i've missed something, there seems to be very few disincentives to this upgrade (one is the possible loss of ability to climb hills, which would rely more on a gritty, slow flywheel-turning). it's what i'm saving towards right now, actually.
i would like to second the question of brands, though. i can't speak for the OP, but my budget for a flywheel is quite a bit less than the $500 FW mentioned earlier. does anyone have experience with fidanza flywheels or some of the brands that sell for around $300-350?