Funny thing is I just replaced mine a few weeks ago. I was suspicious because it kept bursting garden hoses. When I got the regulator from Home Depot it said about 150/lbs. Essentially unregulated even though I have a regulator. Seems my old one simply failed. Fortunately, the new one made by Watts was an exact replacement of the old one and the installer had the good sense to put shut offs immediately before and after so there was no sweating of pipes needed. Took maybe 20 minutes. Home water pressure should be around 55-80 lbs, I took mine up to 80 since its been tested at 150lbs for years with no problems.
High pressure will take its toll on delicate seals in faucets. I actually don't see much of a difference in the shower. Washing the car is noticeably weaker.