S Corporation advantages, costs, and complexity.

I have a small business that I've used for several years as a dba. It started out as basic self-employment. Small companies would hire me as a contractor for short duration jobs (less then 1yr). Last year, for the first time, I hired two contractors to help me complete a job that I was awarded. My expertise is in government or quasi-government acquisition and relocation. I live in the state of Washington.

I am wondering what advantages or disadvantages there would be to convert my business into an S Corporation. I am under the assumption that this would protect my personal assets in the event there is ever a claim against my work (not that there ever has been). I own rental property now and I was thinking about buying additional property and putting them in the business. Does anyone know if this is just a waist of time and money or if there are any benefits to this. Also, is it difficult to set up an S Corp and will it have an impact on how I file my taxes?