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I took the plunge and replaced the OEM lug nuts and bolts with titanium from World Motorsports. I'm pleased with the result. Now I can get from zero to a speeding ticket a tenth of a second faster. Actually I'm going for the improved look.
I used the term lug nuts, but Jhbrennan is correct. There is a weight savings, but I was only interested in the aesthetics. If you are hard core about tracking there are probably plenty of other things you could do to save weight. I'd have to take the golf clubs out of the passenger seat.