I'll toss in here, too. It's all about the surface. A lower pressure tire will more readily conform to an irregular surface, and won't blow a lot of energy skittering and bouncing around. This is only on rough surfaces, and on smooth roads, higher pressures rule.
The bike I tried all this on is a Kona Jake-the-Snake that I commuted on for a few years, and I ended up using Michelin Axial Pro 700x23c tires for the majority of that time.
Now, since I'm a bit older and fatter, I needed tires with a bit better weight-carrying ability, and a smoother ride, so I've gone over to Panaracer Pasela TGs, running about 80psi (as opposed to the former 110). It's slower, yes, but I'm finding myself in less and less of a hurry these days anyway.
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