Based on the information I got from a few members on this board, I downsized from the original equipment 235/45-17 wheels on my 2001 v70 to 215/55WR-16 Michelin Pilot Sport A/S tires on a set of 16" Borbet wheels. While the cornering feels a little softer than the original tires, the difference is not that bad and the overall handling feels much better. There is less shock to the steering wheel on rough roads so the car has a more secure feel.

The installation was a simple tire swap with no issues. While the car has a less agressive look, the ride improvement is such that I don't think I will ever go back to the 17" wheels. On a day to day basis, the 16" tires are a much better choice.

Thanks again for the information that helped in my decision.