I was just talking about this at lunch with some co-workers today. I have the 17" BFG AT's on an 07 4x4 Sport V6. I found that the ride was squirrelly when the pressure was above 35, and the tire wouldn't ride on the full width of the tread. I was thinking that a higher tire pressure might give me a little better gas mileage. I was riding at like 38 cold.
I started to gradually reduce the air pressure trying to flatten out the width of the tread on the road. I found that the ride got better the lower it got. I ended up lowering the pressure to 29. I also noticed that the wear of the tire has seemingly been reduced some now that I'm getting more rubber on the road.
With these tires being too strong for the weight of the V6 model (at least that's how I perceive it) a lower pressure is needed to get the tread fully on the road. Even at 29 it's not perfectly flat.
I've taken some pretty round/sharp off ramps with tire squealing to see how it would handle. With the XREAS, and more tire on the road I never came close feeling like I was losing it.
Another thing is my mileage gauge was indicating that I was getting about a mile more per gallon, and I am. Highway driving I'll get better than 20mpg without A/C. Before I reduced the pressure I would get about 18.5 to 19.5 mpg without A/C.