There is a lot more to unlocking that just modding and custom OS. Unlocking allows recovery images to be flashed which have a lot of functionality if you know your way around linux (or can find someone who does). You can backup entire system images, split into partitions such that you can uninstall any system apps you want to, and if you screw up or want some back later that you can't restore with a root installer, you just recover that particular image (or partition). Recoveries also allow you to easily "unbrick" your phone and also get into the phone's adb server without getting a full boot.
I use the stock ROM, but have CWM touch in case something breaks or I decide to return the phone to stock. I also use it because it transfers files faster (~4400 pictures) via adb without anything else using the internal flash memory.
You can also symlink an internal folder to the SD card slot if you need to flash an image in emergency when you cannot boot your phone.
There is a lot more you can do, but I won't ramble on anymore.
Unlocking is great, and you can always go back with a little knowledge. I had to return my first S3, and was able to get the device status to return from "modified" to "normal" so that no questions were asked. (FYI my issue was the ear piece had terribly low volume and tinny sound).