Rooting can give you full control of your phone, you can install apps that requires superuser or root. You can also modify or change your phone the way you like it if it is rooted including custom themes and what not. More reasons described in here: Why root
I am not an expert on this, but I was able to root my phone with Z4root and would like to share with some of you who would want to root their phones as well. Please note that firmware version V10E will not be possible to root. Downgrade first before using this app. USE AND INSTALL AT YOUR OWN RISK, I WILL NOT BE HELD LIABLE IF YOU BROKE YOUR PHONE AFTER USING THIS GUIDE.
Download the latest Z4root here: z4root
1. Copy apk file to your sdcard
2. Reboot your phone
3. After the reboot install Z4root
4. After installation, open Z4root application
5. Select Permanent Root, you will be asked to Turn on USB debugging. Click OK and tick Turn on USB debugging.
6. Continue and confirm rooting.
7. After that, your screen will go white for about 15 seconds and then it will reboot.
8. When your phone boots confirm that your phone was successfully rooted, open z4root and there should be Re-root and Un-root options there.
Congratulations! You have successfully rooted your phone.
Video on how to root your phone using z4root.