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Root Newbie Question #2: Rooting OS

I have Samsung Galaxy S with Sasktel and it's stuck at 2.1, slowly comming to 2.2 but maybe not any further.

I'm trying to learn what goes into installing a custom OS to a phone and how it works in relation to rooting and the factory reset partition that seems to be on my phone? I would REALLY like to have a phone that is more extensible, rapidly updated and less full of the complete crap that is Samsung Bloatware.

Can anyone explain in laymen's terms how all this works? My curiousity includes, but is not limited to:

- if you root can you "un-root" so you can have your phone serviced properly should warranty issues arise?
- if I update to 2.3 (e.g.) can I still restore to 2.1 or 2.2 or whatever the "official" version is should I need service or decide to sell to other customer, etc.
- how much time/effort is involved in doing a Root/upgrade to say 2.3?

Know this question is a bit broad, but trying to wrap my head around cell phone OS's and provider practices so any info is appreciated!

Thanks.
 
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