I came upon a very useful, yet interesting web tool - a tire size calculator that highlights some effects of changing your wheel & tire size. Among other outcomes, larger wheels will increase vehicle height, reduce acceleration (because the larger wheel & tire combo has a larger rotating mass and requires more force to turn), and increase the actual top speed - while the speedometer reading will be inaccurate (lower than actual).

Other effects of altering wheel size are: changes to suspension geometry (alignment), affecting ride quality, and larger, heavier wheels normally reduce braking performance - resulting in increased braking distances (since a greater mass has a higher momentum and therefore requires more force to stop).

Check out the calculator here.