Advantages are system mods to make phone faster (jit, hardware acceleration, stagefright, overclocking) then there is the ability to make backups of data, run apps that require root, being able to installed a custom recovery that allows you to make nandroid backups, flash custom roms, etc.
Bad? Using z4root there is almost no chance of bricking (almost because I'm sure it can be done somehow). It will void your warranty on the phone from sprint and LG though once you put everything back to stock there is no way to tell anything was done and with a nandroid backup its pretty hard to make a real brick out of the phone.
With the guides and support on the forums, you really have nothing to fear. The communities are really great for those off chances you do mess something up. Most things you can do have been done and fixed.
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