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quite a change in the height of the sidewall- on the factory 195/45/16 the sidewall height is 87mm, on a 205/50 it's 102mm!
it will put your speedo out by 5%, but in the right direction- they should over-read from standard, so you'll be sending it back in the right direction for accuracy.
and yes longer gearing, 838revs a mile instead of the factory 880revs a mile.