From wikipedia:
"Updating file systems to reflect changes to files and directories usually requires many separate write operations. This makes it possible for an interruption (like a power failure or system crash) between writes to leave data structures in an invalid intermediate state.[1]
For example, deleting a file on a Unix file system involves two steps:
Removing its directory entry.
Marking space for the file and its inode as free in the free space map.
If a crash occurs between steps 1 and 2, there will be an orphaned inode and hence a storage leak. On the other hand, if only step 2 is performed first before the crash, the not-yet-deleted file will be marked free and possibly be overwritten by something else."
Basically, without journaling, the drive (or sdcard/or NAND) doesnt need as many write cycles for any given action. This has the benefit of increasing speed and lowering battery consumption, but it does so at the cost of leaving the "install" vulnerable to data corruption either through degraded internal storage (unallocated sectors in a harddrive, or NANDs wearing out through use) or power loss (pulling the battery due to some bug with a ROM). I once had a Linux install suffer a power loss while doing a system update, and if it wasnt for journaling, I would have lost everything. The journal ended up allowing me via fsck to fix the filesystem (repair inode 0843? y/n a thousand times), and then being reasonably literate with APT and dpkg I was able to get the install back to a working state- no journaling and my personal data would have been toast (at the time I had no backup and my / partition was also my /home partition).
As for Android, I dont think its bad to disable journaling, at least so long as two conditions are met:
1) You get a new ROM up and perfect, then immediately make a CWM backup of it.
2) Any important data is backed up manually or via recovery options like MyBackup Root, etc..
**EDIT** I dont know about you, but aside from CWM backups, I usually always keep the zip package of at least one good stable rom (ACE for me, no doubt) whenever im out in the wild with a new heavily tweaked rom (baked snack, syndicate, bonsai, etc) on my SD card.