It's very easy to do. This was my first time doing it and was really easy. And I have no side effects battery life is great and let's me do whatever I wan with my phone.
Pros - you can customize your iPhone as you like and can add more features that Apple haven't implemented and if your device breaks at any point, you can also able to restore your device easily to its original state.
Cons - Suppose if your device is broken then apple won't be responsible.