What are the benefits of living forever? You never die. (Not naturally, anyway.) Presumably, you stay young, hale and hearty. (Provided your vision of immortality is ideal.) You get chances to learn more about the past, present and future. (It'll make more sense when you think about it.) You can accomplish practically anything. (Aside from the impossible.) You'd accrue fuckloads of superannuation. (When do I get to use it, again?)
What are the disadvantages? You're still vulnerable to non-natural deaths. (Illnesses. Wounds. Famine. Fire. Flood.) It still takes time to do things. (So don't get impatient.) People all around you are dying, particularly loved ones. (IMHO, you CAN NOT love again. Not like that.) If your vision of immortality is not ideal, you turn into frail, weak, old people. (Just like now.) Shithouse music still gets played. (Yeah, that's right, Spice Girls. I'm looking at you.)
Personally, I would prefer a better alternative.
I often wish I had a device that could slow down, or even freeze, time for everything around me (at my will). I would not be affected by this device, save for the fact that I would age at the reduced speed (or at an exceptionally low rate, if I happened to freeze time). The process is reversible (ie. I can speed time back up), but the device would not support travelling backwards in time (that comes with an expensive upgrade, and is only compatible with the beta version, of which there is only one in the universe). I would still age. I would still die. But I would accomplish more.
Another alternative is my theory on the afterlife. Yes, I'm a scientist-in-training, but this is pretty plausible (as is every theory about death). We become ghosts, but not in the traditional sense. We travel to a land that is shaped to our liking, with our subconscious forming a large amount of it, and even morphing our own individual worlds as we travel through time inside this world. Needless to say, the traditional laws of physics no longer apply (unless we decide they do) - in fact, no laws apply unless we decide they do. Our minds are able to bend this individual universe to our will. Ergo, our appearance and fitness is that of us at our favourite or most ideal age (for most people, this would be in the range 15-35, I'd say). We stay this way forever, until we decide to quit the universe entirely. The disadvantage is that nothing would be as satisfying as in the real world, since we are mere ghosts, and accomplishing tasks is far too easy...
So, like, we can see vampires and werewolves and stuff too?
Nope. Just other ghosts.
Oh. Well. Um. That sucks...