I haven't had this happen on my vintage road bike yet, i run at 120psi. Though on vacation this summer i did over fill the tires on my cruiser bike by quite a bit.... long story short, people a few blocks away could hear the "gun shot", it literally tore the sidewall into strips. It was hilarious though because of how loud it was.... i didn't even mind walking my bike home.
Also just bought some vittoria zaffiro tires off jensonusa, they say they can run at a psi of 140.. should i do it?? haha