Here's my experience from running about 37-40PSI on all four tires in my civic:
Gas mileage, sometimes it goes up. It's hard to say. I've achieved higher maximum gas mileage on higher PSI values than ever before. However, I achieved basically the same gas mileage until about 6-9 months ago when I suddenly went up dramatically (Not sure what happened, to be honest). I ran at the 29-30 PSI recommendation in the car before and could never hit 35mpg on any tank. Running 37-40PSI, I've hit about 38MPG on maybe a few tanks. But, I've been running 37-40PSI for probably about 2 years now. Never hit 35MPG+ until about a year ago. So, I would say, gas mileage wise... YMMV. (derpa-pun-herp)
Traction wise... To me, it seemed like a very noticeable difference! (Maybe it's all in my head though?) It felt like I could immediately tell the difference. It was easier to burn out, far less grip in the corners, and by far way less grip IN THE RAIN. If you're concerned at all about tire grip, go with the recommended PSI. You're kind of trading your life for maybe a couple extra MPG. I don't know if that's worth it. I'm highly considering going back to 29-30PSI just to see if I can get the same MPG numbers on that inflation.
Also, OP, you might want to consider tire wear. It might wear out the tires faster from what I understand. Something to consider if you have expensive tires and it wears them out prematurely.