It means that the diameter of the cylinder bores was increased (overbored) by .030" (from 4.00" to 4.03") It is only required when the stock cylinder walls have worn to the point that they are no longer tight enough to support/fit a stock piston. Replacement pistons can be purchased with .020", .030", .040" and .060" oversized diameters.
It's not a 'benefit/pitfalls' kind of thing..its simply a standard part of the procedure for rebuilding an engine, just like grinding the crank, or re-conditioning the rods.