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I seem to remember reading a study* that concluded lower pressures increased hysteresis, but this was pretty much exactly offset by reduced rolling resistance.
There will be a net loss on the #aeroiseverything front (not that I care, as I just don't ride that fast/far), and bigger tyres pretty inevitably mean increased mass (so more effort to accelerate).
For sheer enjoyment of riding, I've sworn off anything narrower than 40c (unless I can be guaranteed pristine new tarmac, or the boards of a velodrome).
*ETA: Might have been @mdcc_tester
I found 28's at 45 psi good but not great on gravel- ideal for the mix of tarmac and gravel you find in Colorado, but if it was pure gravel I'd want larger volume at a lower pressure. It's made me wonder about rolling resistance and how it changes with tyre size (if it does- I'm making an assumption), and whether bigger tyres are simply a better choice (if we ignore frontal area).