Your speedo and odometer will be thrown out as the rolling diameter of your wheels with tyres is greater. As you go wider you need to reduce the tyres profile to maintain the same rolling diameter.
Lower profile tyres give a harder/harsher ride. Heavier wheels with stickier rubber will reduce the vehicles fuel economy. The vehicle will also be slower.
http://www.carbibles.com/tyre_bible.html - This site will help you calculate the correct sized tyres needed to maintain an accurate speedo.
Comes down to better looks traded off against everything else.