My observations from riding a motorbike where variations in tyre pressure are far more noticable are and for standard road tyre (race tyres are different)..
- higher pressures certainly give you better fuel economy
- the higher the pressure the harsher the feedback from the road which means less feel and control.
- high pressures definately increase stopping distance and more so in slippery conditions (dirt, water) as the contact patch is smaller. Bikes rely on increasing the contact patch size on the front tyre to be able to stop. For offroad on the bike I'm airing down to 22-25psi like I would in the 4wd.
I run my bike tyre at recommended pressures, around 32psi as it feels better. Being able to stop and maintain traction are more important to me than fuel economy and longer tyre life.

