I admit, it would be awesome, provided the tech was reliable and stable, but you'd immediately run into the problem of identity and experience because you're not hooked up to electrochemical processes anymore, so your brain would basically be a chip that's programmed to age 'appropriately', or just maintain an equilibrium. Some may even use that to discriminate against you since you're effectively off the mortal coil (unnatural) and presumed to be better or think of biological humans as inferior. I'm betting you've also read Battle Angel Alita and know what I'm getting at here, but if you haven't, do so.
Surely the benefits to health are obvious, but that's a moot point because you'd no longer be privy to cells and bacteria.
However, that would rapidly increase the need for population control as better quality of life would create quite a boom.
As for recording everything, that doesn't mean everything you see will somehow become incontestable, mainly because, even now, photoshop has made it difficult to establish the fact that a digital picture is very reliable. Eventually they may become as inadmissable as witness testimony is today.
I think people would still want to have children because it'd become a kind of human tradition, but I can't imagine growing up in a world where your home can be hacked and data can be altered in the most insignificant ways. People now are bad enough with trying to find short-cuts to long-term health problems, so trying to identify an error in your gene-code (or whatever) may drive people nuts.
"What's this phishing program doing in the firmware of my toe?"
Labour laws may change weirdly if people augment themselves to work longer or require less sleep, or become more efficient. Oddly people may therefore not have to work as much, which would open a part-time space for someone else, thus giving more people jobs who do so well they can afford to work only a few hours a day, until competition requires otherwise.
What weirds me out the most is that the internet will eventually become its own territory, in a sense, and people/avatars will be encultured based on their knowledge of trends and sources of data, so foreigners will be known by their ignorance of a simple colloquialism. Also, those manufacturers and their redundancies would probably become as proprietary as Apple is now, so the brands themselves may become clans, or even societies. And then you have the blurring of real and simulated experiences, what counts as a depiction, and so on. Not to mention "missing" your body, and maybe even developing a digital phantom limb.
Personally I'd go 'full cyborg' but only after incredibly rigorous testing and experimentation is done to ensure that it's both safe and reliable. The maintenance of my looks would be a fairly low priority because it would have no bearing on my evolutionary fitness. We have a very weird future ahead of us, that's for sure.
I recommend watching/reading:
Doomsday Book (Chapter 2)
Fate of the Blade
What does anon recommend on this subject?