Jailbreaking has a butt load of advantages and some disadvantages, the iOS is very user friendly but it actually has a lot of limits and the focus of jailbreaking is to break those limits and give you a lot more functionality. I'll list some here:
Pros:
1. You can change your theme
2. Download and install paid apps for free
3. Customize lockscreen, homescreen, apps and others.
4. Enhance the stock apps
5. Jailbreaking especially helps older ipod and iphone models, because it can overdrive the old device's capabilities.
6. Can fully access the file systems
7. You can gain access to forbidden apps and services
8. Cool tweaks
Cons:
1. Less battery life
2. Your Ipod may lag if you use too many tweaks
3. Your Ipod may restart / respring itself if you install an uncompatible tweak
4. Difficult to update to a newer iOS unless you're used to jailbreaking
5. Some apps might not work correctly until you tweak it.
6. May void warranty
7. May brick your phone if you don't know how to jailbreak properly
There are a whole lot more advantages to jailbreaking your device, but i'm not going to go into that since there are way too many. I will be describing some of the jailbreak tweaks in my next posts especially the tweaks that I use on a daily basis.
If you do jailbreak, I suggest you limit the number of tweaks you use. Using a lot of tweaks will drain your battery and make your device lag and repsring over and over again.
01 - 10 tweaks won't have much of a difference to your phone
11 - 20 tweaks will be okay, slight battery drain, a little lag
over 25 tweaks, you will notice the battery drain, lagging, and your device will probably respring / restart every few minutes
Here's a link to the Evasion Jailbreak