That is a very general question. LASIK can be repeated. I typically will only repeat it once and this all depends on many factors, one being the "residual bed thickness" and the possibility of "epithelial ingrowth." You can do cataract or LASIK surgery down the road. The typical side effects from lasik are dry eyes (you should count on that) and improved vision. Read more posts and visit with an EyeMD.
See my earlier post. Sometimes a LASIK "touch up" may be needed later on, but only a small amount ot tissue is sculpted.
Cataracts are not corrected by LASIK. At the present time the only way a cataract can be dealt with is through surgical removal.
Side effects of Lasik, based on personal experience, include starburst and poor night vision. But it gets better with time, perhaps because my power regressed by -150 with time! But one time Lasik is enough for me. One Lasik too many is just asking for trouble.