Being an ex-mechanic and having a number of friends who are mechanics / gear-heads and even one who works as an engineer at Bridgestone. I have discussed this at length with them on a number of occasions.
So, here is Science 101 meets Auto Zone
Yes the air we breathe is around 80% nitrogen, it is the oxygen and CO2 that damages the rubber in the tires. By removing them from the inside, there is less oxygenation done. However, there is limited oxygen inside of the tire and once it is used up, the oxygenation process stops until more is added. The arguement thast the nitrogen slows the deterioration of tires is essentially false. Yes, there is no deterioration inside of the tire, but if you look at some tires worn past the steel belts on the outside, the inside still looks like new!! This is why they strip and retread truck tires.
As far as the leaking goes, all tires will slowly leak air whether it be pure nitrogen or regular air. The tire is sealed by pressure from inside the tire against the metal rim. There you have two totally different substances in contact. They contract and expand at different rates with heat and cold, thus creating micro gaps and letting air out. Nitrogen (N2) is slightly larger a molecule so less of it can get out of these micro gaps, but it does leak. With regular air, all you need is an accurate pressure gague and an air pump. With nitrogen, you have to take it in and trust them to accuratly read it and fill it. No offense to anyone working there, but I would rather trust my own eyes on this.
As far as the tire being manufactured for air and not nitrogen, it makes no difference whatsoever. The expansion and contraction rates are not that different between nitrogen and air to make any difference in the performance of the tire.
Now, the reason that Nascar and airplanes (and NASA) use nitrogen is that they don't want ANY pressurized oxygen around. Those tires can get incredibly hot and they don't want any chance of oxygen being present to allow a fire to happen. Also those NASCAR pit crews will do anything to gain even the slightest edge be it real or urban legend.
So the bottom line is to check your tire pressure monthly and keep it in range. There is a sticker usually on the inside of your drivers side door that has the manufacturer's recommended tire pressure for front and rear tires. Go with that rather than what is on the sidewall of the tire. Do that and your gas milage will be optimal and your tires will last longer!
I'll get off of my soapbox now