The advantage of the deferred entry of judgement (DEJ) process is that it operates just like a dismissal of the charges after arraignment - that is, before a plea is entered. Under DEJ, judgement is NOT entered for the period of time proscribed by the court. It is the entry of judgement that causes a conviction that becomes part of your "record." So, when the court dismisses the charges after the deferred period of time, there is no conviction. For most situations, you may answer that you have not been convicted of the charges (some exceptions are applying to be a police officer, and certain goverment positions). Of course, if you mess up and don't do everything the court has required of you during that period - for example, picking up a new arrest or conviction - judgement is entered and you then stand convicted.
The practical problem is that your record may show an arrest even if you successfully complete DEJ. While this cannot be used against you, and should not be available via public searches, it can come into play if you were to get into trouble again. And in some situations, for example drug offenses, can preclude you from getting DEJ again later.
There used to be a process by which one could obtain a court order that would completely clean this record of arrest from the record. I have not seen that be successful in many years, however. I would suggest you consult with an attorney to see if further "expungement" procedures are available for you.
The only way to truly take something off your criminal history is if a petition for factual innocence is granted. If a judge determines after a hearing on the issue that there was no probable cause for the arrest, then they can order that any records of the arrest and court case be destroyed and any entries be stricken from your history.
A deferred judgment is not this situation, however. While you will end up with a dismissal at the end of this and no "conviction" (since in order for a plea to be a conviction, you must also be sentenced), it will not "expunge" or "destroy" anything.
Your criminal history will show the arrest, charges filed and then dismissed. How those can/will be considered in the future depend on what background check you're undergoing. For "regular" employment, an arrest that did not lead to a conviction cannot be used against you. For backgrounds for certain professional licenses or to be a peace officer, the arrest and case may need to be disclosed.
The specifics are best discussed with your attorney face to face for a more detailed analysis.