There are so many variables that get into a lot of physics that I know vary little about. A few things that come into play are rotational inertia and unsprung weight.
Rotational inertia is what's going to zap your acceleration. The more weight the farther from the center, the more it takes to bring them up to speed. So even if a 16" and 17" wheel have the same weights, depending on the distribution of the mass will most likely give you slower acceleration.
As far as handling goes, often going up a size in rims you also get a wider tire (and thus contact patch) and normally a smaller side wall, both of these can give benefits but there is such thing as too much of a good thing.
Along with the above is the unsprung weight issue (the wheel, tire, brake, etc assembly... everything that moves up and down on the suspension). The more weight you have the harder the suspension is going to have to work. With stock suspension you're going to probably overpower it and possibly counter your handling gains from bigger contact patch and smaller sidewall.
So what I'm saying is there are a LOT of factors and no simple answer. Someone correct me if I'm off base here.
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