It has mostly the same risks and benefits as the combined hormone pill because it uses the same hormones. Usually, the side effects are less because there are less hormones needed. It's easier to use though, so the typical use effectiveness rate is higher.
It doesn't matter how or where it's placed in your vagina. Sometimes it might fall out, so if you are using tampons or having sex, check to make sure it's still in there. It can be out for three hours before you have to worry about effectiveness.
Some people (myself included) have reported vaginal irritation after a while using the ring, but I don't think that's common.
I hope that helps. I loved the ring while I was on it!