I saw someone mention that a "pound on the wheels is worth two on the frame" and someone else said, "no you're stupid" (slightly rephased the second one there). Well in the interest of bettering out knowledge I broke out some old equations, massively oversimplified things made gross assumptions, and got an answer (how much it's worth is questionable).
For an 8kg bike (17.6 lbs approx) traveling at 10m/s (22.36 mph) with a 1700 grams of weight at the rim (rims and tires, rims are 500ish tires 250ish, tubes 100ish) 700mm wheel diameter (pretty normal).
1 pound of mass at the rim has the same amount of energy as 1.025 pounds of non-rotating mass. (1:1.025 make the units whatever makes you happy, g:g kg:kg doesn't matter).
So it's not as much of a magic bullet as some might think, but hey it's something.