well the thing is pulleys are NOt SUpposed to Make horsepower, they are supposed to remove rotational mass from the stock pulleys you are replacing and therefor reduce the amount of power loss from the engine to the wheels, so the seen gains are freed up power that was already there, not making more power like you would with a header or turbo or something.
Same thing with flywheels, they are lightened wheels, that does not physically make more power in your engine but reduces the parasitic(spelling?)loss through the drive train that your car normally has. Basically saying a car with 100whp probably has more coming out of the engine but it is loss through the friction and movement of parts in the drive train, removing weight and size of these parts can also reduce the power they rob from the wheels.
Anyway, I think pulleys are good ideas if, like anything else, you do it properly and either get new belts or have yours tighted when installing and keep an eye on things, biggest problem with pulleys is belt slippage.