Rooting is not just follow the instructions you found on the Internet. It involves risk. First, rooting voids your LG Optimus V warranty. Second, your LG Optimus V could get stuck in recovery mode. You end up with a hundred dollar paper weight. Lots of people rooted their phones for tethering. I believe that tethering violates the service terms of most services providers. Some of them even charge $10 per month if you tether.
There are some rewarding features, too. You will get better hardware and software interactions or may be improve your phone's performance. A friend told that you could even get some features not mentioned in the operation menu. However, I see the best feature you will get is that you can install some special applications, such as OS from different phone maker.
All these boils down to what do you need your phone for. Does it really worth the risk? In the case of LG Optimus V, you really don't need to root it if you just want to set it up as a Wi-Fi hot spot. Please keep in mind that you might break your service contracts and terms.
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