Have a look at these pictures - I was just reading THIS THREAD and there was some dispute over whether or not to replace flywheel bolts. Personally, I've always been a fan of replacing, and the one time I didn't, the damn flywheel fell off.
Today I had to get some longer flywheel bolts, so I whacked a thread gauge on the old one to check the pitch. While not paying much attention to what I was doing, I couldn't seem to get a thread to match. On closer inspection I found.....
Here's another picture, it actually sticks out like dogs balls!
In the second photo, you can see the necking of the bolt, where elongation has made the bolt thinner. The reason its only the top half of the bolt is because that's the flywheel side, where there's no threads to engage the bolt, so it can stretch.
This bolt has undergone Plastic deformation - the strain put on the bolt has permanently changed its shape. This occurs when the stress on the Bolt material passes the Yield Strength. (See Irokin's post in the other thread)
To put this bolt back in and retorque it would more than likely bring the material very close to its Tensile strength (ie BREAKAGE) - If it didn't break on torque up, it could very likely break mid operation and it's gearbox out time!
It cost me about 10 bucks for a new set of High Tensile bolts from Coventry, well worth the money I say.
Incidentally, these were off an Automatic flexplate, I would dare say a Manual would see higher loads on the flywheel bolts.
Good Times. TP.