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Because it gives you choice and extreme customisation, and "breaks the device out of its jail" to allow you to install any application.
Jailbreaking, in a nutshell, gives you all of the glamour of owning an iPhone, while retaining the flexibility features of Android. The process itself is quick and easy, and is legal under U.S. law. It rarely has any effect on the App Store applications you have downloaded, but gives you an additional store ("Cydia") to install free or even paid-for apps to make your iPhone experience even better.
In short: you gain so much more, and lose nothing. Well, except maybe your warranty.
Image source: Flickr.
Activator is one of the most popular jailbreak iPhone, iPad, and iPod touch applications available. It allows you to assign gestures and reassign hardware buttons to launch applications or perform certain functions.
With it, you can assign any hardware key on your iPhone, such as the home button, to launch an application on a sequence, such as a double-press or a short-hold press. You can even assign your volume up- and down-buttons to adjust how loud your music is -- while short-holding the up-key to skip to the next track, and short-holding the down-key to jump to the previous track.
Compatible with: iOS 5, 5.0.1 (and 5.1, though not yet officially supported, it works.)