Unless it's been changed and not done properly, the timing on a P-pump doesn't typically change. It's very rare to have them slip. However, they are not always set at the factory quite where they should be. So most owners check it just to see where it actually is.
For the most part, it is set at the factory for longevity, emissions, and all-around reliable performance (i. e. conservative, or on the retarded side - yeah it really is retarded!). So advancing it a bit ups the mileage and performance a little depending on your other mods, but emissions of certain byproducts in the exhaust goes up.
Craig is right. Unless you are pretty confident in your mechanical abilities and have spent a lot of time researching this issue, its best left to someone who knows what he's doing. I'm not a mechanic, but I'm reasonably mechanically inclined and a friend (helicopter mechanic) and I were able to time mine and his by just following the how-to write-ups. We've done several more since then. And it does take some pricey tools that are impractical to buy just to check it or change it once.
-Jay