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iPhone Apps - Security and other risks

Is there any way to evaluate the risks associate with a particular iPhone app?
I don't instantly install apps on my desktop at work or even at home and yet, most people seem to have zero problems downloading and installing department store apps, restaurant government apps, etc.   I'm kinda scared.
Any links on the security ramifications of iPhone apps?  How to evaluate each app?  
Any "insider" iPhone blog links on functionality and other useful tricks would be greatly appreciated.
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Kyle Santos
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ASKER

What advantage is there to jailbreaking or rooting an iPhone?  
Are there apps only available to jailbroken or rooted devices?
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btan

No advantage for jailbroken and rooting if I am concerned on securing the mobile device. It open up the mobile OS to malicious apps to easily bypass the default safeguards put in place. E.g. Debugger can accessed the OS kernel in the rooted state to assume root access right. Mostly it is more of development purpose why people root their device so that they can access privileged api in the kernel.

Recommend avoid rooting as normally well behaved apps to be install do not need device to be rooted. Permission required by apps should be declared before installation is proceed.