If you want larger or wider tires, you'll probably need to lift. Here are some cons:
If you crank your torsion bars all the way, you WILL tear CV boots, even if you never leave the pavement. I believe the simplest cure for this might be the Mechatech boots which are super flexible - I have them, but have not installed yet so I can't speak from personal experience. I believe the "Kevlar covers" you speak of protect the CV boots from tears from debris and whatnot - those wouldn't prevent tears that are caused by a CV joint that is stressed from the angle it is placed in by lifting. Next step up is to get the diff drop brackets and a modified cross member. This will ease the strain on the CV joints, but you'll lose a little bit of ground clearance. I've had a set on order for a couple of months now - good luck getting one any time soon. Beyond that, you need to go SAS.
If you put bigger, wider, heavier tires on your VX, you WILL notice a difference in performance. With 33's my VX is sluggish, especially on initial take off and going up hills. A gear swap should help some. I'm still trying to get all the parts I need for that one. Once again, good luck if you want to go this route. Ultimately I'll also need more power, either with a supercharger or another engine. You may also want to get your speedo/odo recalculated.
Also, there is the handling difference - you definitely won't be taking those corners as fast as you used to.
In retrospect, I don't regret lifting my VX, as I've always had the "bug" and knew this was the road I was going down. If you do decide to join us, we'll be hear to help you along the way. 
Oh yeah, and mine won't fit in a standard garage either, but it will if I remove the spare tire from the rack.
Calmini Cone Air Filter, PowerVault PV2 Muffler, OME Trooper Springs, Rancho RS9000X Shocks, 285/75R16 Nitto Grappler AT's, Pioneer DEH P8000R In-Dash CD, Amps and Drivers Built by Orion, Wires and Fuse Blocks by KnuKonceptz, Vibration Damping by BQuiet, Alarm System featuring Auto Start and Remote Windows, Yakima LoadWarrior w/Full Size Spare, Debadged/Custom Titanium Grill Logo, Tint (5% Rear / 20% Front), Steel Braided Brake Lines, G2 Painted Calipers