Unlocking won't do anything for you, because you're using a Verizon device on a CDMA network. Your phone is pretty much locked forever for use on Verizon's network.
Unlocking is popular for GSM phones, because it will easily allow you to use any carrier's SIM card in the device.
Unlocking also improves the resale value of your phone.
It has no effect on media files or device features.