I'm not so sure...
Bling, yes. To a point.
Reducing rotating mass of the engine makes for a more lively engine...especially a high revving NA engine.
We fitted underdrive pullys to a 2.9 VR6, and added a light flywheel...and it revs far sweeter than standard.
Same theory for reducing valvegear losses (lightweight lifters, hollow cams, Titanium retainers etc) it's all about reducing rotating mass, to improve throttle response and pick up. Hence the next step for the VR is lightweight valvegear with the new cams.
Underdrive pullys should do this because they are lighter...
Reducing drag on an alternator/power steering pump will also reduce parasitic losses.
So, they should work...and offer some positives...but thare may well be down sides for road card, such as the battery not charging at idle properly, etc.
The theory is sound...and if you are reducing weight and chasing ever last BHP...then maybe they are a good idea.
I've noticed no downsides to then thus far.
but I wouldn't expect much by way of gains on a fully equipped road car.