O-ring chains reduce HP, if you're looking for that extra power and MPG...they will wear the sprockets faster unless you lube them, which means you might want to save the $$ anyway and use a regular chain...
The little bit of drag you can feel when wiggling the O-ring chain translates into losses of torque. That's where power loss comes in.
A chain with lots of side-play in the plates transfers power almost 8% better than a stiffer chain (sideways-speaking), because of the "crash" that occurs while the chain engages the sprocket. If the chain can "bounce" sideways a little to cushion the blow, this reduces losses. O-ring chains don't do this very well, because the O-ring is squished into those sideplate gaps under considerable (20% of O-ring thickness) pressure. Lastly, when under heavy throttle, the swingarm, axle shaft, axle bearings, shocks and frame bend a little, causing some misalignment. A wiggly chain will not increase friction during these moments, which means a little more power reaches the ground.
These things matter a lot in racing, maybe not so much on the street.
