Clev pretty much summed it up.
As far as the negatives: Over-inflated tires will cause extra noise and a harsher ride, that much is certain. Most of us hypermilers don't drive fast so that helps reduce those two problems a lot. Having no any real data myself, I would still agree over-inflation probably causes increased wear on suspension and increases the possibility of being damaged by road hazards. Again, we drive slowly (compared to most people), deliberately, and attentively, reducing these problems.
Lastly, over-inflated tires will make it easier to spin your tires on dry pavement. So while it's easier to do a burnout, your 0-60 and 1/4 mile times will increase. Also not really much of a problem for us non-racers and ricers.
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