I was told that if you go to much psi that you will wear your tires out a lot faster also you lose the control and feel every bump a lot more.
You will only wear your tires out with higher air pressure if you are riding hard and often on pavement. Snow, ice, and dirt will wear them, but at a much slower pace.
You will definately lose some control if you run a higher psi. the tires will slide more on hard surfaces which will cause your steering to be less responsive.
And yes, you will definately feel more bumps. The tires act as shock absorbers as much as shock absobers themselves.
Mike