Obviously running the generator at 100% or near it is going to take its wear on the engine. Running it at 5 percent is going to cause problems too. 50% is a good load, but common sense, don't needless load the thing down. If you are running house hold stuff on it it should be ok.
As for fuel consumption, the higher the load the more it eats, but it's not a linear progression, ie 1000 watts uses 1 gallon 2000 watts uses 2 gal etc isn't quite true, most engines will have a 'sweet spot' where they will be most efficient, diesels tend to find this at around 70 to 80 percent load. after that they suck down fuel really bad.
For the electronics. UPS' vary significantly from total crap to really good units. APC tends to have more tolerant ups systems. As bigger loads switch on and off, heating elements, and especially inductive loads like a compressor motor in a fridge for example, the generator will surge as it's governor reacts to the sudden demand on it. This frequency and voltage shift might very well be enough to make your ups shift to battery power for a few seconds until things settle out again. Most ups' come with computer software that you can hook it up to communicate with your computer and you can adjust the settings at when the ups will do what.
Do know that cheaper generators can give you fairly noisy (unclean) power, and this will make any noise / surge supressors you have work overtime and can greatly shorten their lives. Do know that inductive loads switching off, especially if under load, like your fridge compressor for example will send a high voltage spike up the line, and being you are no longer connected to the power grid (infinite bus) the only thing to help absorb this spike is your sensitive electronics. Grounding can be an issue too especially for the noise supression and the supressors might not work well. Avoid GFI's and UPS's together as they absolutely will NOT play well at all with each other.
I have a 4kw inverter / battery setup I run my stuff off when the power goes out and have had no problems at all with it, and it's a modified sinewave output. A squarewave inverter (read cheap) is the one to avoid as it will saturate coils and cause overheating or plain refusal to work with some motors.
As was mentioned, make sure you change the oil regularly in the generator, those engines run hot and hard and many being only air cooled, take a beating. One thing many people totally ignore is the gasoline, gas DOES go bad. I would recommend starting the unit up every month or few months just to make sure it starts, and to keep clean / fresh gas in it. Fuel stabilizers will help the gasoline last longer but won't prolong it forever. When the power goes out, and your generator has not run for a year, is not the time you want to find that it now will not start because your gas went bad and fouled out the carb.
NEVER run the generator indoors, keep it well ventillated, and you can get a chain and padlock and chain around the legs of the thing and wrap the chain around something sturdy to help prevent theft, ie a tree, your truck bumper, a fence post.. you get the idea.
Aaron