Client-side rendering in SharePoint allows developers to use JavaScript and HTML to define the rendering logic for objects like list views, content types, and web parts. JSLink is a property that points to a JavaScript file used to manipulate these objects. Some advantages are improved performance by moving rendering client-side, an easier development process using familiar technologies, and flexibility to target specific parts of an object. Compatibility issues across browsers and slower performance on older machines are potential disadvantages. High-level steps to implement JSLink include creating a JavaScript file, deploying it to the _layouts folder, and configuring the JSLink property to point to the file.