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There are many benefits to speutering.

Females~ Spay

By spaying a female cat, it is the removal of all her reproductive organs. The uterus, the ovaries, etc. Females are generally more exspensive to fix, because they are actually removing the goodies. Recovery is a little harsher, but cats are rather hardy creatures.

Unfixed Females tend to:
~Be obnoxious with their yowling at all awful hours of the day/night
~Have a high chance of escaping to mate
~Have agression issues that accompony thier heat cycles
~Can have 2 to 3 litters (or more) a year
~Have a higher chance of peeing/spraying (yes, females mark too)
~Higher risk of cancers

Males~ Neuter

When you neuter a male cat, it is the sniping of the tube that connects to the testicles or the full removal of the testes (for instance if one didnt drop). The price is considerably cheaper, recovery time reduced, and have a heap full of benefits.

Unfixed Males tend to:
~Spray upon reaching full sexual maturity
~Become Roaming Toms
~More territorial resulting in turf wars
~Shortened life span
~Have a higher chance of cancers and illness related to the reproductive system