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You get to update your coat of arms, and may be able to get married In Westminster Cathedral (if you can afford it).

I really hope his coat of arms includes a grell. I mean it just has to.

Oh, and a fancy badge.

I think it’s a nice tradition to recognise people that have contributed to society. Obviously it is open to extreme greyness in terms of what “contribution” means, and who decides who gets put forward for it.

Not a lot

but when you punch Sir Alan Sugar for crimes against television (and computers) you'll be in a lot less trouble as knight on knight violence must be ok?

on the negetive side almost no websites will have your new title on their drop down menu making ordering stuff more complicated