I hear grumblings that products containing petroleum can have adverse effects on the rubber, but I've never experienced this. I've used all of the products sold at WalMart at one point or another and my tires have always stayed black with no cracking. My truck sits outside 24/7 and my tires look great BECAUSE OF the dressing they get. I think if I only washed them, they would've suffered UV damage.
I think the sun is a far greater enemy to tires than a tire dressing. I'd pick one that fits your circumstances. If it sits outside, pick one with high UV protection, etc.