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The benefit of having a teleconverter is that you can increase the focal length of the lens its attached to by the amount of the teleconverter lens. For example, a 70-200mm lens will become a 98-280mm lens with a 1.4x converter.
The only drawbacks with using them is that it reduces the amount of light hitting the sensor, thereby making the lens "slower". They also will cause a drop in IQ to some degree. This will vary by the quality of the optics within them.
My Dad has a 1.4x Nikon TC fitted to his Nikkor 70-200mm f/2.8 VR. It works very well. If I had the money and more importantly the lense that it would work on, then I would buy one. The Nikon TC lenses only work with the pro grade glass with internal focussing. Always best to check compatability before purchasing.
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