The way GM specs tires, the outside diameters are close to the same with the 18's and the 20's - so rpm per mile stays very close and speedos stay very close.
As well as the differences for off-road use, the stiffer sidewall results in a harsher ride.
Otoh, the stiffer 20" set-up will corner sharper because the stiffer tire has less body roll. One of the reasons that sports cars use tires with very low profile and very stiff suspension. Great on smooth surfaces, but sucks on expansion cracks, potholes, bumps or gutters and of course even in mild off-situations.
I've not done the airing down thing I hear about for some off-road uses, but if there is little sidewall.....
Of course all that argument is meaningless if the intended tire/rim system is going to use non-factory tires sizes.