I'd like to jump in and say that there are quite a few more benefits to that.
You can install a 2.2 ROM, thus allowing the installation of applications onto the SD card, and with this phones' lackluster internal memory, this is a godsend. Plus, you get to do many cool things, my favorite being the ability to Overclock this phones processor. You can also do things such as clearing the Cache from all your apps in one click, backing up applications to the SD card, and breaking certain applications free from the restrictions that Android poses on third party application (e.g., i have a text bombing app that can use root to send out many more texts than Android initially allows.
I completely agree with behold_this, this process is not for the faint of heart. But I don't think the actual process is hard, just finding all the information necessary and the components like the Android SDK are a little time consuming. If these things sound appealing to you, head onto here to get started. Just remember: You are responsible for what happens to your phone. I was able to complete the process without a problem, and like I said, the setup is more time consuming than actually rooting.
If you feel interested in rooting, check out the guide I made.
http://androidforums.com/mytouch-slide-all-things-root/226160-one-stop-shop-root-woo-woo.html#post1926585
Now, should you root? Well thats for you to decide. There's a huge community of people willing to help you if you should need it, and if the many benefits outweigh the risks, then yes you should do it. But do some research, watch some videos, learn your stuff a little bit. You wont regret it. (Well, probably not
)