I'm sure that others will comment as well.
One of the big advantages of larger wheels with the same overall tire diameter is better steering response. Since less of that total diameter is made up of tire, there is less tire flex and that makes for better response. It also makes for a firmer ride.
One of the problems with going to larger wheels with the same overall tire diameter is that because there is now less tire in the overall diameter, the wheel is more suseptable to damage from pot holes and such. My experience has been that you are usually pretty safe with 45 aspect ratio tires and are much more likely to have wheel problems with 40 aspect and smaller tires.
Life is like that most of the time. There are trade offs and you must decide which is best for you.
