OK. Hopefully this helps
1) a tyre with a very high pressure (over inflated) will be less prone to flats because it creates a harder, higher tensioned surface, which is harder to break.
2)overinflating can cause rims to deform and bulge, which is why they shouldn't be over inflated
3) any pressure over 110psi does not really lose rolling resistance, the safety issue is greater. A high pressure tyre on a bumpy road will lose you speed as it is constantly slowing down when it hits every bump. It has to travel over the bump, it doesn't form to it like a lower pressure tyre does.
4) Tyre pressure is what gives a bike its comfort. A very high tyre pressure will lead to a HUGE loss in comfort over any less than perfect road.
5)they generally put the recommended psi on the tyre for a good reason, i suggest following it.
6) weight will determine what pressure should go into your tyre. For instance, I am under 140lb and only use 80psi in the front, and 90 at the back. (i do increase this depending on road condition and whether it is a race)
I suggest stick to the recommended pressures. Also, generally, wider tyres have a lower recommended psi, as they provide a greater lever arm against the rim, and can break it with less pressure.