READ_COMMITED_SNAPSHOT - Pros/Cons

In a previous question regarding sql read/write performance, a member suggested we switch the database to READ_COMMITED_SNAPSHOT. We tried this on a test server, and it appeared fine; but I don't really understand much about the implications, and am wanting to know a bit more before switching to the live environment.

Basically, we have a data table that gets hit really hard - lots and lots of inserts, lots of deletes, lots of reads. The quality of the data is not as important as you might think - ie, if someone gets a value from a second ago, it's not the end of the world. It is important that the data is up-to-date; and our 3rd party software has been queueing when writing when there are a lot of connections reading from the table.

Could anyone explain any negative impacts switching to READ_COMMITED_SNAPSHOT - and what doing this actually does?

Sorry it's a bit vague; there's plenty on Google, but I wanted to hear from someone who actually knew the reality rather than what the text-book says.

Cheers,

Phil