Takes less energy to get a given rotational speed therefore more rapid accelaration. As mentioned though it limits the top speed. Snaffled the calc from the interwebs but it's first year mech eng stuff.
True. Trouble is, the limiting factor is not rotating the wheels, but moving the weight of the vehicle, which is much, much heavier than the alloys. I'm sure an accurate enough dyno could spot the difference, but I seriously doubt any driver could in a blind trial. This would only matter if you jacked the car off the ground then raced the wheels alone.