This is an interesting extract:
http://en.wikipedia.org/wiki/Bicycle_performance
Advantages of light wheels[edit]
The advantage of light bikes, and particularly light wheels, from a KE standpoint is that KE only comes into play when speed changes, and there are certainly two cases where lighter wheels should have an advantage:
sprints, and corner jumps in a
criterium.
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In a 250 m sprint from 36 to 47 km/h to (22 to 29 mph), a 90 kg bike/rider with 1.75 kg of rims/tires/spokes increases KE by 6,360
joules (6.4 kilocalories burned). Shaving 500 g from the rims/tires/spokes reduces this KE by 35 joules (1 kilocalorie = 1.163
watt-hour). The impact of this weight saving on speed or distance is rather difficult to calculate, and requires assumptions about rider power output and sprint distance. The
Analytic Cycling web site allows this calculation, and gives a time/distance advantage of 0.16 s/188 cm for a sprinter who shaves 500 g off their wheels. If that weight went to make an aero wheel that was worth 0.03 mph (0.05 km/h) at 25 mph (40 km/h), the weight savings would be canceled by the
aerodynamic advantage. For reference, the best aero bicycle wheels are worth about 0.4 mph (0.6 km/h) at 25, and so in this sprint would handily beat a set of wheels weighing 500 g less.
In a criterium race, a rider is often jumping out of every corner. If the rider has to brake entering each corner (no coasting to slow down), then the KE that is added in each jump is wasted as heat in braking. For a flat
crit at 40 km/h, 1 km
circuit, 4 corners per lap, 10 km/h speed loss at each corner, one hour duration, 80 kg rider/6.5 kg bike/1.75 kg rims/tires/spokes, there would be 160 corner jumps. This effort adds 387 kilocalories to the 1100 kilocalories required for the same ride at steady speed. Removing 500 g from the wheels, reduces the total body energy requirement by 4.4 kilocalories. If the extra 500 g in the wheels had resulted in a 0.3% reduction in aerodynamic drag factor (worth a0.02 mph (0.03 km/h) speed increase at 25 mph), the caloric cost of the added weight effect would be canceled by the reduced
work to overcome the wind.
Another place where light wheels are claimed to have great advantage is in climbing. Though one may hear expressions such as "these wheels were worth 1–2 mph", etc. The formula for
power suggests that 1 lb saved is worth 0.06 mph (0.1 km/h) on a 7%
grade, and even a 4 lb saving is worth only 0.25 mph (0.4 km/h) for a light rider. So, where is the big savings in wheel weight reduction coming from? One argument is that there is no such improvement; that it is "
placebo effect". But it has been proposed that the speed variation with each
pedal stroke when riding up a hill explains such an advantage. However the energy of speed variation is conserved; during the power phase of pedaling the bike speeds up slightly, which stores KE, and in the "dead spot" at the top of the pedal stroke the bike slows down, which recovers that KE. Thus increased rotating mass may slightly reduce speed variations, but it does not add energy requirement beyond that of the same non-rotating mass.
Lighter bikes are easier to get up hills, but the cost of "rotating mass" is only an issue during a rapid acceleration, and it is small even then.
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And this which is from the cycling analytics site linked in the above article:
http://www.analyticcycling.com/WheelsClimb_Page.html
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This is interesting too:
http://biketechreview.com/reviews/wheels/63-wheel-performance