First of all, and to answer the ever repeating question about iPhone Jailbreak; YES, IT IS LEGAL TO JAILBREAK YOUR iPHONE.
Now moving into the actual topic of Jail breaking; The process is pretty much straightforward once the Jailbreak is released. The risks are minimal and should something goes wrong you can easily restore your phone to the factory settings by connecting it to your PC via iTunes and restoring it.
The question is: Why should one Jailbreak his/her iPhone?!
The answer(s) are the following:
1. Unlock the true potential of iPhone.
Changing system settings in ios are very limited and most of what you see today came from previous jailbreak modification that Apple later adopted and made official. Turning your iPhone into a wireless Router was used way before it became an official option.
Changing simple yet effective settings like warm colors at night will not only give you an eye candy but effectively help your eyes. Many more comfortable modifications like blocking unwanted calls or adding numbers on top of the keyboard are a few of the many.
2. Changing the look and feel of your iPhone.
Achieving modifications like these cannot be achieved without Jailbreak. Need I say more? Just encase; You can also change icons per page and make folders in folders. Again, just a small example of what you can do.
3. Cydia (The official Jailbreak app store).
upon jail breaking your iPhone a Cydia app will be installed. All the modifications and great apps will be there, both FREE and PAID. Most of the rejected apps will appear here. A real modifying apps such as the Lock Screen editor and not the fake ones that your used to in the official app store.
Ok, so whats the risk?
First of all, the Jailbreak although legal is not official. You may run into a problem or crash -I never did- and when you do it will be little hard to figure whats wrong.
Apple will reject to fix any Jailbroken device so make sure to not tell em and restore your device to the original state before handing it to them.
Aside from the above, nothing to worry about.
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Please note that I am not responsible for any damage occurring from using the above information.