I would have to disagree with you on this one. Maybe it doesnt produce anything that is extremely (or even while driving, at all) noticeable but I think it does free up hp since its lightweight and has less rotational mass like Octaandy said. I guess your just making it sound like it doesnt work when really it just isnt a big enough gain to warrant the dimming of the lights and power windows.
Less rotational mass? Barely any difference than stock. It just under powers the alternator.
And you call 1 horsepower a gain? That's a margin of error on dynos, so you can't call that a gain.
Want a real one horsepower gain (or an equivalant), then lose 20 pounds in your car.