Thicker tubes are more resistant to tearing and punctures. The cost is actually weight, and the resulting increase in moment of inertia. The extra weight is on the outside of the wheel, furthest away from the axle. This means it takes more energy to accelerate and brake, reducing the efficiency of both.
As far as the whole wearing out on street use thing... That's a new one for me. Vibrate more? A heavier/thicker piece of rubber would actually vibrate at a lower frequency under the same tension.
I run michelin HD tubes and have never had a single issue, and I ride mostly on road.
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