bleh.
If an object has a large moment of inertia about an axis, which is characteristic of increased mass at a distance from the axis, it will be more difficult to change the rotational velocity of the object about the axis in question.
In other words, it is harder to increase the rotational velocity of heavy wheels than light wheels. This will be felt most when pedalling to accelerate the bike, and on steep climbs when the wheels are repeatedly being accelerated from near zero rotational velocity.
It should be noted that this also means light wheels will slow down quicker than heavy wheels too, e.g. when rolling over rough terrain.