I was wondering what kind of effects a lowering kit and if theres any benefits?? Does it effect the quality of the ride in a good or bad way?

IMO the car looks better. You minimize that air gap between the tire and fender. However, you might get whats called the "pogo" effect with any lowering kit such as Eibach Pro, etc. Here's what needs to be done to overcome or reduce that effect. See link below:

http://www.clubgp.com/cgi-asp/mods.asp?modid=68








http://i5.photobucket.com/albums/y186/lizzywiz/gtp.jpg
Thrasher CAI, DHP v1.0 PCM, SLP Headers,
3.25 SC pulley, CAIT GMAF, 2.5 DP/Hi-Flow CAT,
u-bend delete, 160 TS, ZZP Stage 1 72mm TB,
TB spacer, MSD 8.5mm wires, Autolite 103,
Goodyear Gatorback Serp. & SC Belt,
Nitto NT555R Drag Radials
1/4 ET: 13.210 sec. @ 104.490 mph
0 - 60 ft: 1.945 sec.