To answer the question first:
If you extend thread, an instance of your class (extended thread) will always call the constructor of the superclass thread. So
MyClass myclass = new MyClass()
will always calls "super()" inside the constructor of MyClass which instantiates a thread, and in the end you may implement some overhead into your class (if you don't use any method of the superclass thread). So implementing only Runnable allows your class running faster without any inherited overhead.
Further, there are some wrong answers here:
Now I extend just the few things that clearly and obviously pass the "is-a" test and everything else is an interface...
Didn't you ever consider to create an object without any interface? Because it would be very wrong to implement an interface for every object!
When you extends Thread class, each of your thread creates unique object and associate with it. When you implements Runnable, it shares the same object to multiple threads.
Wrong, everytime you call the constructor of a class, you will get an own object, it doesn't matter from where it is extended or what it implements!
Conclusion: In java, EVERY class instance is an object, and extends the class Object (while primitives aren't...only array of primitives like int[] classes extends Object, and such arrays have the same methods like any object - but sadely they're not mentioned in the Javadoc! The Sun guys probably didn't want us to use them).
Btw there are at least two advantages of inheritance: Code sharing and a clear Javadoc. Because if you inherite from a class, you can see all subclasses in the Javadoc. You could do that with an interface too, but then you can't share code. Even more, then you would need to create "nested" objects and call the constructor of two or more objects instead of only one, and this again would mean you implement some overhead from the superclass Object itself! Because there is no object in Java without overhead, and creating as less objects as possible is quite important for high performance applications. Objects are the greatest thing, but unnecessairy objects aren't...