What are advantages & disadvantages of jailbreaking an iPhone?

I have the iPhone 4s and my friend, who has the iPhone 4 jailbreak his phone like a month ago. Nothing wrong has happened to his phone but i just want to make sure if i'm making the right decision to jailbreak mine. Have any of you ever jailbroke your iPhone? If so, did it turn out to be a good thing or a bad thing? Also, if i jailbroke my iPhone 4s, would i be able to "go back?" Thanks for all your help!

You can control the phone and customize it much like android. There are less restrictions. However apple probably wouldn't fix it if something happened to it

Adv:
-more customization
-free apps (if you choose to go that route)
-other fun apps not found in the app store
-make things exactly how you like them

Dis:
-takes up more memory
-complications may result when jailbreaking
-slows down iPhone (depending on how much tweaks you get, etc.)

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