Switching to a lower profile is a bit complex. You have to consider the load carrying capacity, the rim width, the diameter, space in the fenders, etc.
There are a lot of things that can go wrong, so it is best to do your homework first.
But to answer the question you asked: Directionally, you are going towards worse ride, worse fuel economy, worse snow traction, worse wet traction, worse wear, better handling, and better dry traction. But careful selection of tires can change that picture.