The advantage to having filesystems on separate partitions is that
different parts of your operating system are somewhat protected from
each other. If your users have filled up /home,
programs writing log files in /var
aren't affected if /home and
/var are separate partitions. If your disk gets
corrupted, only the corrupted partition is damaged. The disadvantage
is that, in most cases, if you mistakenly allocated too little disk
space for a partition, you can't steal space from
your /var to give you more room on
/home once your system is set up.
On non-PC hardware, partitioning is generally simple enough; use
format or disklabel to write a
partition table onto the disk. Traditionally, partitions are named
with a letter following the device name, for example,
/dev/ad0a, /dev/ad0c and so
forth. By convention, partition a is for a root
filesystem (/), b is for swap
space, c represents the whole disk, and so forth.
Of course, every current platform changes this in some way. Check the
manpages for the various tools mentioned for more details on what to
do for your specific platform.