Are there any risks to rooting a device? I see lots of tutorials telling me how to root my phone (Motorola Droid), but none of them mention any potential "side effects."

Aside from a few relatively minor issues that seem to require rooting to fix, I'm basically happy with the phone and therefore a little leery of messing with a device that cost me a lot of money and is only a few months old.

Assuming that I'm just talking about rooting, and none of the typical post-root actions (like installing a custom ROM), am I taking any risks by choosing to root?


Does it have the potential to brick the device?
Will it void my warranty?
Will I stop getting updates?
Will the cops show up at my front door the next day? (Yes, I'm being facetious.)
Anything else I should be aware of?


(See also: Are there any risks to flashing a ROM?)
Does it have the potential to brick the device?
Although it has become relatively simple on the Droid, some methods of rooting pose more risk than others. So in short yes there is a potential.
Will it void my warranty?
It mostly depends on where you live and on your manufacturer (and their warranty policies). But technically this does void your warranty in most cases.
Will I stop getting updates?
Again this depends. Some manufacturer provide updates for rooted devices while others do not. These will usually continue to come in and may unroot your phone if you install them, or even require you to unroot manually before you can receive their updates. If you install a third party ROM, then there's nothing else to do with your original manufacturer.
Will the cops show up at my front door the next day?
I certainly hope not :) but if rooting involves cracking a bootloader, it could theoretically get you in legal trouble in some jurisdictions (anti-circumvention laws, etc.)
EDIT:  Also be aware that there are different root methods based on which current build you are running.
EDIT:  It may (as of May 24, 2017) prevent you from installing some apps: Google Play can now prevent rooted users from downloading certain apps