fish oil is usually recomended in a healthy diet because it contains the "omega 3 fatty acids" They reduce inflammation throughout the body. The Benefits of taking Fish Oil tablets are that some "experts" believe that taking fish oil (in any form) can help regulate cholesterol in the body, because fish oil has high levels of omega-3 fatty acids, like i said b4. Several studies report possible anti-cancer effects of n-3 fatty acids found in fish oil (particularly breast cancer, colon and prostate cancer). Oh and i heard on TV that recent studies had suggested that fish oil may reduce the risk of depression, and isuicide risk. In one study they took blood samples of 100 suicide attempt people and compared the blood samples to those of controls and found that levels of Eicosapentaenoic acid were significantly lower in the washed red blood cells of the suicide-attempt patients.
I'm not sure about the bad things about Fish oil but the preferred source of Omega 3 should be from the fish's body, not the liver. The liver and liver products (such as cod liver oil) of fish and many animals (such as seals and whales) contain Omega-3, but also the active form of vitamin A. At high levels, this form of the vitamin can be dangerous. So i guess thats the bad side.
It also encourages nail and hair growth.