There is a very good tire size calculator for comparing the different dimensions and speedometer reading changes at wickedbodies.net.
The obvious result of your choice of tire size is a decrease in tire diameter of from 1.7 to 3" from the stock tire sizes depending on whether you have 16,17, or 20" right now. You will end up with more wheel well showing, you will be going slower than the speedometer indicates (4 - 6.5 mph), and end up with potentially a slightly rougher ride.
I put 275/55/18 on my r/t with 9.5" rims, which were basically the same diameter as my 20's. Ended up with slight tire rub when backing up and turning hard, but it is worth it because I got the look I was after.
I would recommend going with the 18" wheels if you like them but get a higher profile tire so you speedometer registers somewhat correctly.