This depends, for the most part, on your target audience. The only potential deal-breaker is the fact that using storyboards requires you to set your app's deployment target to iOS 5.0 or later; a storyboarded app cannot run on any earlier version of iOS.
If you must cater to previous versions of iOS, you have to continue using individual nib files if designing your interface with Interface Builder. I'd also recommend sticking with whatever you're already using in your existing projects. (You can introduce storyboards into your existing projects in steps, but remember that they'll only work in iOS 5. There's a WWDC 2011 presentation that walks you through this process.)
For new projects, storyboards seem to be the way to go, as long as you're sure you won't need to deploy to previous iOS versions.
Also do storyboards assist in getting a Universal Application designed/working?
Not sure what you mean by "assist", but you have to create one storyboard of nibs for each device family. So one for iPhone/iPod touch, and one for iPad.