Wow, it's getting pretty deep here. I always thought it was pretty obvious that lighter wheels and tires were better, but I guess everyone doesn't agree. So, leaving out the physics, I'll just summarize my experience, and you can take it for whatever it's worth.
I've gone from heavier (usually stock) wheels and tires to lighter (usually magnesium racing wheels and lighter racing tires) on several race bikes over the years, including Nortons and a variety of Japanese bikes, and in every case the benefits of the reduction in usnprung weight were really obvious to me as a rider. Noticeably quicker turn in, with less effort, and much less upset from bumpy track conditions. I never experienced any problems from the much discussed hypothetical changes in gyroscopic precession forces mentioned here. The only increase in chatter I ever noticed came from the fact that l could stuff the bike into tight corners quicker. If you go fast enough, almost any front end combo will chatter in corners. With a properly set up front end, you will go faster with a light wheel/tire combo before experiencing chatter than with a heavy one. If you're going slower with less unsprung weight, you don't have the suspension set up properly.
It's the same on the street. LIghter wheel/tire combo equals better ride and better handling.
IMHO, of course
Ken