Permanent residency generally gives you most of what citizens have in daily life: unrestricted right to live and work (no more employer-tied visas), access to public healthcare and education on the same basis as locals, the ability to change jobs or start a business freely, and often better mortgage and credit access. What it usually does not give is a passport, voting rights in national elections, or certain government jobs.
The main ongoing obligation is physical presence. Most countries cancel or refuse to renew PR if you stay outside too long, commonly six months to two years of continuous absence depending on the country, so frequent long stints abroad are risky. You also remain deportable for serious criminal offences in many places.
Keep paying taxes properly, renew the PR card on schedule, and report address changes as required. If you expect long absences, ask the immigration authority about re-entry permits or exemptions in advance rather than discovering the problem at the border.