It's like putting in the administrator password in windows. After you gain root, you have full permissions over the entire phone. There will be no more pop ups or warnings telling you you can't do something, it's off limits. The reason I root is to install themes, mostly. I also use wireless tether and the root features of MyBackupPro, AdFree, and installing custom roms. After witnessing what improvements the Samsung Moment got beyond stock with community created Roms over what was inherited from Sprint, it was unreal. The Moment to this day is not supposed to be capable of running live wallpapers. But it does

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There are really no concerns with rooting, the 1 click for the Epic 4g comes bundled with SuperUser.apk which warns you and ask permission for each app attempting to gain root so you are not taken advantage of by any software.
After rooting, if you ever plan on installing update zips that will enhance your phone like a theme or rom, you'll need a working recovery as well. XDA has a 1 click recovery for our phones. ClockworkMod ported over. It works flawless.