It is hard to live in the present. A story inpresent tense is a bit more restrictive than past tense. You can't "anticipate anything"
The advantage of writing in present tense, is that it is usually much more interesting to read. It's like the difference between watching breaking news, vs the history channel.
I generally write in past tense except for the dialogue. It gives the narrator more scope to be omniscient.
I think it also depends on the story itself as well. Most stories are best served by past tense, but some stories have a breathless, edge of your seat feel that present tense does more justice to.
Personally, I prefer to read a story in past tense, because some people have trouble handling present tense to make it an interesting read. The inappropriate allude to things they can't possibly know, just like WH said.
I think that you have to be careful when using present tense to make a good story, but if you can use it well, then you can write a great story that way.
...I started out writing my novel, Emily's Vengeance, in past tense...as one would expect. About 75% of the way through I realized I had switched to present tense, but couldn't remember where I had changed. Shit. Took almost as long to go back and edit as it did to write in the first place. Now I've got the proofs back from the publisher and I'm still finding places I missed...not too many...but still there.
Sometimes it's really exciting to read a story in present tense. It gives a sense of being there, but like they say it's difficult to write and has some restrictions.
What the heck...it's literature...it's real because you make it real...try it all and see what works best for you.