Well the first thing it will do is void your warranty and insurance then it will allow you to delete things like system files that may render your phone useless! Now this isnt very likely to happen and if you are cautious it shouldnt.
But it will allow you to delete stock/system apps like the bloatware it came with. Also it will allow you to install cuzstom ROMs and kernels that will allow you to do things like overclock (turn up your cpu) as well as many other performance increases. But outside of rooting you just got to get used to the BS apps and lack of space and speed.
*edit* also removing those apps wont give you a whole lot of space because they are stored on a different partition of your phone. So you dont stand to gain very much space
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