Performance
This will always be bad if you do not NEED all the columns. Returning more data than is needed will throttle the database and your lan/wan bandwidth.
Readability
Knowing which columns are in the view, procedure can be very useful , SELECT * is not helpful at all and I would consider it counter-productive.
*Testing
If you make a schema change, all your code that use SELECT * within should be invalidated because any tests you write to check metadata should check the output of the view, proc.
*Of course, assuming you have tests in place as all good DB Dev's should have :)
