Bead blasting is very common. Lots of machine shops use it to clean pistons, heads, valves, etc., that have heavy carbon build up from high miles or oil consumption. It cleans the piston very well and smooths the surface. You only bead blast the top of the piston, never the ring land area or wrist pin area. Occasionally you might do the skirts, but that would be unusual.
There might be some very slight benefits from reducing detontation by smoothing the surface, or holding oil better, or creating compressive stress in the surface. If so, they are very very small, not nearly as much as smoothing all the sharp edges on top of the piston, putting the proper hone on the cylinder walls, or choosing the right piston alloy.
The main benefit is a quick, cheap method to clean up a piston or head you are reusing. It has no negative effects as long as you don't do the lands or wrist pin areas. Beading will change the clearance and surface finish of these areas, which is undesirable.
If you check out the old tech 302 build thread, i had those pistons bead blasted. They look almost new.
jt