Rooting alone won't really help with battery, but it gives you access to some pretty cool apps that you otherwise wouldn't have. I am fairly new to rooting, but have learned quite a bit.
When I rooted my phone I put on juice defender. Juice Defender + Advanced Task Killer seriously has doubled my battery life, and custom ROMs can further increase it due to less processes, etc. I can easily have my battery last 12+ hours with moderate use.
Unhooked my phone around 10 this morning, it's now 9:30pm and I have 43% battery left. I have been texting all day, fair ammount of web browsing.
Sprint won't repair it if you bring it in rooted (voids warranty), However you can return it to stock if you are having issues with it. I had to take mine in the other day and they said they can't work on it until it's unrooted. Took it home, unrooted, took it back. New phone!
You can still update apps and system, etc while rooted, as long as you use the stock Sprint ROM. Other ROMs you have to update manually.
In the case of an OTA update failing, you can always unroot and get it, then root again after.