Its called rebooting & you can do it 5 times.

Yep, my goal is to get to prestige 2 before moving on to a new game, heh..

Know if you get any benefits for doin it?

Someone around here said you get some weapon skins or something along those lines. If I can get the urban skin for the Feline, Rebooting would be worth it. Otherwise, I may just stay at level 50 when I get there.