It's very hard to permanently brick your phone. There is pretty much always a way to fix it through adb/fastboot.
The real pros of rooting is almost complete freedom of your device, so you can do almost anything with it. Practical advantages are: adblocking, faster performance, sometimes better battery life, and lots of customization.
The downside is stability. Sometimes things can break if you run a custom rom or something. So make sure to make frequent backups in your custom recovery if you have one.