you'll have to grind the mounting bracket slightly. I believe it's 97-99 Grand Cherokees that will fit, not sure on that, though. I bought a 120 Amp alternator, rebuilt, off ebay for $70 shipped that is a direct fit for the cherokee (it was actually an option for certain years as an upgrage to the stock 90 A alternator).
The benefits are that if you are running lights, A/C, winch, etc. anything that draws a good amount of amperage, a higher amperage alternator will be able to supply more, typically at lower rpm's as well. The stock alternator is fine even with off-road lights. I ran it until it died from the mud/water. I replaced it with the 120 A. Haven't noticed too much of a difference, but the interior lights don't dim anymore when the A/C and lights are switched on.