I've been jailbroken in the past but am not right now. For the most part I have not experienced stability or significant battery drain issues when jailbroken.
Many of the apps when jailbroken (but not all) rely on MobileSubstrate extension (SB Settings, TetherMe, 3G Unrestrictor) to run.
Mobile Substrate uses iPhone system resources pretty much at all the time to power the above apps and other apps (it's always running in the background). MobileSubstrate is written in such a way as to minimize its footprint and use as few system resources as possible...but it does use some, which I find impacts iPhone performance a little. (BTW, an app like FakeClockup can provide some perception of help with this). Don't get me wrong, I'm not bashing MobileSubstrate (which I believe is written by the DevTeam). MobileSubstrate is both necessary for many jailbreak apps to do their thing and is exceptionally well written...it does it's job about as good as it can be done...it just by design uses system resources.
Jailbreaking in and of itself should not impact battery or performance but when you add extensions, apps running in the background like SB Settings, etc., performance and battery life could be impacted (really, how can they not be?).
For many (most) this is a worthwhile tradeoff to get increased functionality. A phone like the iPhone 4, with it's increased memory, handles this performance hit pretty well. An iPhone 3G or even 3GS are really at risk for a major performance hit when you start adding in the jailbreak apps that run in the background.
With earlier versions of iOS 4 (4.0, 4.1) the performance hit was essentially unnoticeable. With iOS 4.3 (4.3.1, 4.3.2) you experience the performance hit a little more due to the iPhone having more difficulty running the "more bloated" version of iOS. If history is our guide, it is likely this trend wil continue until the next iPhone comes out which will likely have either a faster processor (dual core like the iPad 2), more memory, or increased megahertz (or all of these things). Then things will seem new and fresh again until software updates slow it down all over again.
So, I'm not jailbroken right now as I like to install the new iOS updates right when they come out without waiting for a jailbreak. In addition, I don't want the slight performance hit provided by MobileSubstrate, and I can survive OK without the tweaks jailbreaking offers...at least until I change my mind again and jailbreak..LOL
Just my opinion of the real cost of jailbreaking.