PurpleDrake won't work with the VS985 (Verizon) version. I used IOroot on my phone because it was the only option at the time, but I would say go with Stump Root now as it is easier/faster. In general the only thing these root methods do is exploit a security vulnerability to install the su binary on the system partition, and that is the only lasting effect. With su installed, it is possible to assume root privilege. Random reboots, battery drain, wifi, wireless signal changes, and performance loss are not directly affected by root; however it is possible that an app that uses root privilege could impact these, so be careful what you install.
