What is the purpose of rooting

[DroidProokie]

What are the key advantages/disadvantages of rooting?
Do I still need to root after the latest software update?
If the only major application I want is to be able to tether, can it be done without rooting?

[bsweetness]

Look here for information on rooting: THIS IS WHAT ROOT MEANS (stop asking)

The latest update doesn't give you anything that rooting does, so yes, if you want to be able to do the things that rooting allows, you still need to root.

You can do some wired tethering without rooting, but if you want to do wireless tethering, the only option besides rooting is paying the monthly charge for the mobile hotspot.