Effects of a Larger Tire:
Differential in your Speedometer Reading...
Your speedometer will read a slower mph than what you're actually going.
A Reduction in perceived Braking Power...
From some to a great extent, you will have to apply more pressure to the Pedal, to get your vehicle to stop.
A Reduction of Engine Power...
You will have to apply more throttle to get things going.
That being said, I cannot tell you that you will absolutely realize a reduction in Gas Mileage, but, 99% of the time, that usually is the case. The reason for these negative effects, is an increased distance/fulcrum between the Center Line of the Axel, and the Surface of the Road. Your individual Driving Habit, can influence the effect to a large extent.
A Reduction in control on Wet Surfaces:
Two things contribute to Wet Traction, those being, the weight of your Vehicle, and the Speed you are driving. Increasing the width of your Tires, may cause an excessive Bow Wave to be created, which will seriously effect control of your vehicle.
But, there are some positive tradeoffs...
More Rubber on the Road, generally means Better Dry Traction...
Again, your ability to apply the Brakes notwithstanding, and this "traction" mostly applying to when it is Dry. But, often times as stated above, a larger tire will cause Hydroplaning to some extent. So the traction is selective, and has a lot to do with the Tread on the Tires as well.
Increase in the Load Carrying Capacity (proper width Rims required)...
With a larger Tire, greater Loads can usually be applied/carried. But having correctly sized Rims, are vital to this. The sidewalls of a Tire were intended to operate in a Vertical line, and varying the rim width (either narrower or wider) can negate, and seriously detract from this. And, the Loading capability may be reduced, when a lower Profile Tire is installed.
Functionality...
When encountering Sand, Mud, Rock, Snow or Ice, having the right set of Tires on your vehicle can mean getting home or NOT ! Oftentimes, when the operator is aware of the scope of problems which a large Tire causes, and compensates for those, having a "dedicated" set of tires can be a great advantage.
The Appearance (usually the most popular reason)...
What can I say, having a nice gnarly set of tires on your ride, does have an appealing effect !
Use the proper rated Tires...
One needs to keep in mind, that Suburban's and Tahoe's are Trucks, not Passenger Cars !
The "LT" Type Tire is recommended for our rides. There's a considerable difference in the way these two type Tires are made, and given the weight of our vehicles, the "P" just doesn't cut it, and have failed when placed under stressful circumstances.