I'm thinking of jail breaking my ipad just for the sake of it. I honestly don't know what benefits or disadvantages there are to jailbreaking an ipad other than for the purpose I came across of being able to use emulators on it. So I thought I'd ask you guys what other benefits or disadvantages I could expect if I ever did decide to. Is there anything I should look out for? Can the process be reversed if I eventually chose to go back to the official platform?
I'd recommend that you let someone with experience handle the jailbreaking, since you've said yourself that you know very little about it. There's a small change that you could brick your iPad if mistakes are made, and then you've got a $400 paperweight. It's not worth the risk unless you understand every step of the process, or the person you let handle it knows as much.
There's not too much I know about the subject. I do know, however, that if you jailbreak your iPad you won't be able to receive any service from Apple or a repair company. It'll break any extended warranty you may have on the device. You should definitely keep that in mind in case something goes wrong and you regret your decision to jailbreak your iPad.