Settings > Phone > General > Delete Operator Specific Settings

:) it should just be under the Orig. phone setting option.

Once the phone has restarted all of Vodafones Protected GPRS settings will be gone.

and what advantages/disadvantages could doing this incur?

"What are GPRS Settings?"

Before we answer your question please answer mine: Do you really need a smartphone? Or are you just a troll?

UA

and what advantages/disadvantages could doing this incur?

Because vodafone in their attempt to make things easier put ALL the Contract APs and ALL the PAYG APspreloaded in their phones. This has the annoying habit of meaning if you dont want to se the phone on Vodafone or have contract you cant delete or edit the PAYG or any of the default profiles.

This removed them all so you can program in only the APs you want to use hence one step further in removing Voda branding :)