There should be no problem in moving the logs, but if you want to move the entire inetpub folder including the homedir of the SharePoint Web Application then you should do it before you create the Web Application or you'll have to delete the existing Web Application create them again using the new homedir and attach the databases.
YOU SHOULD NOT JUST MOVE INETPUB AND CHANGE HOMEDIR IN IIS!!!!!
If you do this then SharePoint will still try to make all of it's changes to web.config in the old place when you deploy new WSPs.
The advantage of moving is that you can keep even more changing files away from the C-drive
The disadvantages of moving is that the extra drive have to exist on all WFE servers (and APP servers if they work as local WFEs) and that it might confuse other admins.