Jailbreaking

[Mickster]

But then can I transfer the apps that I have purchased?

I'm a noob when it comes to this but I managed. All you have to do is restore your iPhone (it will keep everything backed up including apps), jailbreak it and then sync everything back as usual from the saved backup including apps.
It is scary thinking that something could happen but I had no problems at all so you shouldn't either!

[Coheed&Cambria]

What are the advantages of jailbreaking?

List pls

[Decode]

• Themes
• More apps
• Cracked apps

[Captain]

Customise your apple product with themes and stuff.
free applications

[Coheed&Cambria]

I says to browse for the firmware bundle i have on my device, where is it?

[Mickster]

What are the advantages of jailbreaking?

List pls

The main two are the new apps and theming capabilities, but once you do jailbreak you discover more things that are helpful for you. And if you aren't happy, all you have to do is restore and everything goes back the way it should be...