Got the Saucony racing flats today. They are light! My training shoes weigh 902 grams and the racing flats 461 grams. For a difference of 441 grams which is 15.6 ounces which is almost a pound!
The rule of thumb is that a racing flat is 1-2 seconds per ounce per mile.
So conservatively @ 1 second faster per ounce per mile:
15.5 oz * 1 sec * 5 mi = 75 seconds
@ 2 seconds per ounce per mile:
15.5 oz * 2 sec * 5 mi = 150 seconds
So anywhere on the order of a minute to 2 minutes faster over the distance of the race faster, that is significant. They fit pretty snug (my toe hits the end) but they are supposed to be more snug. We'll see.