I'm running BFG AT KO2's in the 245/70R17 size on my T3. That's a 30.5" tire so a bit larger than stock. I did some 5/10 off-roading in Utah last month with great results. Had 2 wheels in the air at one point, but the point of the LT tires is more ground clearance and stronger 10-ply construction and I'm happy with the choice. Everybody in the "overlanding" crowd seems to be running these now.
The biggest positive is that I'm no longer paranoid about punctures, but other positives: Very strong tire that airs down well without losing sidewall height, good tracking on the highway, hasn't really affected gas mileage much (in this size).
Negatives: Loses grip on pavement with little warning (this is pretty common with LT tires vs Passenger all-season radials), snowflake rated but is not really that great in snow although still better than all-season tires, definitely noisier, but you get used to it.
I run 48 lbs in the back and 42 in the front. At 48 in the front it wanders around a bit at 70+ mph so I aired it down to the same ratio as the stock setup has (42/48 vs 33/38 ) and it's now just like it was with stock passenger tires. You need to run the higher pressures to match the load carrying capacity of the stock tires.
The speedometer now reads about 2 mph slow at 70. The average MPG readout is now 10% low vs. hand-calculated.