Its your phone, you own it. If there are things you can't do because Apple thinks you aren't fit to touch your own phone, go ahead, its perfectly legal.
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pros and cons?
No. Your phone did the crime and now it should pay the fine. Let it serve it's entire sentence, it is character building.
your funny :P but seriously
Steve had already posted the best answer so there was no other way to go.
the only legitimate way to jailbreak would be to bake a cake with a metal-file in it.
im not sure of the pros and cons
Check this forum topic on macrumors.comThis Yahoo! answer. And this everthingicafe.com topic. Basically, google it.