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To stay within the OEM tire size (overall diameter), so that you minimize speedometer errors. Stick with a 60-series tire, if you want to run up to a 205 width.
OEM is 185/65-15 or 195/65-15 depending on the trim level. A 205/60-15 tire would be around 1% error or so - less than the resolution of the speedo. Tire weight depends on manufacturing process - some tires are significantly heavier than others for a given size. Rolling resistance will also vary, depending on tire construction. Being wider, automatically will ding overall fuel economy - but the increase in traction and slightly shorter sidewall (less sidewall flex), IMO, more than makes up for the loss in fuel economy.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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