it really depends on how you drive. if you drive really fast, and weave pass idiots who decide to change lanes into faster traffic and then slow down, then LFB can be a livesaver, or godsend. when i drive AT cars, i use LFB as it allows me to react faster when going through traffic. and if you control your throttle effectively, you can assist the AT in when to shift up/down; my sister and mom argue that when gettin on the freeway the shift is slow to a higher gear, but in the ATs i've experienced that if instead of just flooring it, if you get near high revs and then give it less throttle suddenly, it will change gears, and then you can go back on the throttle. this really only applies for real-world driving, as in GT4 you can't get a really good feel for when the car is stuggling. as for brakes, yes, it may wear them out faster, but it depends on what you are doing. if you drive fast and need to break harder, then they will wear out fast. but when most people think of LFB they think of both throttle and gas at the same time which will definately wear out the brakes faster (in an AT car, as you can't pop the clutch, [unless you want to pop into to neutral]). think about it: the throttle is telling the car to go, so the wheels will turn, while the brake tells it that it needs to stop, and slow down the wheels. using simultaneous hard LFB and throttle on an FF car will destroy your brakes (not "destroy", but make them wear out very fast), as the front wheels are attemting to turn under throttle but the brakes are attempting to slow them down at the same time. it's better in FF cars to lift off the gas and brake slightly, and then feather the throttle to maintain the correct speed. and if your tires are squealing, then you're pushing the limits of them and the car....slow down!
i actually recommend that everybody using an AT should LFB, but NOT in the sense of trying to both throttle and brake at the same time, but to cut down on reaction time. those that don't use LFB now will have to get used to it, but you'll also find that you are paying more attention to your car and the road.
for me, LFB is more of a need-to-go-fast-all-the-time issue. people that ride with me often think that i'm going to kill us all because they think i can't make the correct reaction times, but using LFB allows me to drive a bit more aggressively. i don't have to wait for my right foot to travel to the brake and then travel back to accelerate, i just snap the brake quickly and immediately go back on throttle with the right foot.
and you are NEVER invulnerable OR a good driver. you're just lucky. i also suggest for everyone to get in at least one car crash (preferably one that is not your fault), so you understand just exactly that you can't push the car 100% all of the time, or in the case where you are stopped at a light and some ass rear-ends you, that your car will break very easily. then you'll be more concious of everything.