I'm a phone idiot. I just got my incredible, and i discovered this "wonderful" thing known as rooting. All i wanna know is what is it, what are the pros and cons, what's different, if tethering would work with my xbox (that'd make getting on live at school so much easier!), and how to restore the phone to factory settings (you know, just in case i have to take the phone in to verizon, seeing as every phone i've owned before has been taken in for some sort of maintenance or replacement)
Simple answers would be appreciated, pretend you're explaining this to a n00b. cause you are.