I had a light flywheel on my old Sentra SE-R. The car definitely rev'd faster and felt more responsive off the line. There wasn't any more hp/torque on the dyno though.

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2007 Cool GXP with Darkside Top, 5 spd, Ebony Cloth, Monsoon with Single CD, Sport Pedals, XM, A/C
Mods - Solo Street/Race Exhaust, K&N Drop-in Air Filter, EDAL, Dunlop Direzza Sport Z1 Star Spec Tires (stock size)