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Worried about? technically it voids your warranty, but you can always unjailbreak/factory reset the phone if you are to take it in.
Can you update your phone's software? No, unless the jailbreak gets updated as well.
Negatives: voiding warranty, possibility of spending way to many hours...
Begging
I've been stuck with a droid 1 on verizon for the past two years.
It's time for a change. Thanks for the chance to switch. I've been a frequent reader of the blog, very insightful when I jealously help my friends with their iPhones.