Brain wave entrainment is a real phenomenon and is useful as one method of investigating how the brain works. But there is no evidence, nor any theoretical basis, for any long lasting effect on brain function or that there is any benefit of any kind. Despite this, there is a huge industry of devices that claim to train your brain waves and have a beneficial effect. I wouldn’t waste a dime on any such device.
There are many advantages and disadvantages with binaural beats. One of the major advantages is hemispheric synchronization. Since both hemispheres are required to create the beat within the brain, this method is an excellent way to create greater harmony between areas of the mind typically functioning independently. Binaural beats are also known to have effective hypnotic and relaxing effects.
Binaural beats were the first method discovered for brainwave entrainment and works by delivering tones of different audible frequencies to the two ears with the difference in frequency between the two tones being the frequency of entrainment. The difference in frequency between the two tones must be less than 30 hertz, and this resulting frequency is called a beat or the target frequency, and it is processed in a brain region called the olivary body. When listening to such tones with stereo headphones, the two hemispheres of the brain become synchronized at the target frequency.
Years of scientific study combined with the personal testimony of thousands of people establish that using brainwave entrainment techniques positively affects the physical, mental, emotional, and spiritual well-being in a majority of users. You can easily take advantage of these powerful methods of personal self-help and self-improvement by downloading a variety of entrainment music right now.
If mind-consciousness is not the brain, why then does science relate states of consciousness and mental functioning to Brainwave frequencies? And how is it that audio with embedded binaural beats alters brain waves? The first question can be answered in terms of instrumentation. There is no objective way to measure mind or consciousness with an instrument. Mind-consciousness appears to be a field phenomenon which interfaces with the body and the neurological structures of the brain (Hunt, 1995). One cannot measure this field directly with current instrumentation. On the other hand, the electrical potentials of brain waves can be measured and easily quantified. Contemporary science likes things that can be measured and quantified. The problem here lies in oversimplification of the observations. EEG patterns measured on the cortex are the result of electro-neurological activity of the brain. But the brain's electro-neurological activity is not mind-consciousness. EEG measurements then are only an indirect means of assessing the mind-consciousness interface with the neurological structures of the brain. As crude as this may seem, the EEG has been a reliable way for researchers to estimate states of consciousness based on the relative proportions of EEG frequencies. Stated another way, certain EEG patterns have been historically associated with specific states of consciousness. It is reasonable to assume, given the current EEG literature, that if a specific EEG pattern emerges it is probably accompanied by a particular state of consciousness.  

Beta waves are the most common and most prevalent in the brain. These are the brain waves of alertness, dominating your normal waking state of consciousness. The Beta state relates to “fast” activity with neurons firing abundantly, in rapid succession, with attention focused directly towards cognitive tasks and the outside world. Beta activity is engaged in focused mental activity, problem solving, judgment and decision making. New ideas and solutions to problems flash like lightning into your mind.

^ Bittman, B. B., Snyder, C., Bruhn, K. T., Liebfreid, F., Stevens, C. K., Westengard, J., and Umbach, P. O., Recreational music-making: An integrative group intervention for reducing burnout and improving mood states in first year associate degree nursing students: Insights and economic impact" International Journal of Nursing Education Scholarship, Vol. 1, Article 12, 2004.

Most wisdom traditions have employed methods that allow the subjects' brain waves to slow down such as meditation, [Hindu] kirtan, [Gregorian, Menzuma or Sufi] chanting, Hebrew davening, Native American drum circles and rain chants, Tibetan prayer bowls, and whirling dervishes and African trance dancing. The rhythm of these wisdom tradition technologies actually slows people's brain waves from their normal busy brain frequency we call Beta (13-30 cycles per second or Hz), to Alpha (8-13Hz) -- meditation, Theta (4-8Hz) -- deep relaxation and dreaming, and Delta (.5-4Hz) -- slow wave or dreamless sleep.
I am very encouraged by my stroke recovery progress after starting with Sacred Acoustics! I have been listening to the extended Light Body (non verbal) recording almost constantly. I keep it on the repeat mode and at a low enough volume so that I do fine with ordinary conversation as I go about my daily activity. The results with constant listening of Light Body are so fantastic, I hate to stop! 

Brainwave entrainment is a colloquialism for such 'neural entrainment', which is a term used to denote the way in which the aggregate frequency of oscillations produced by the synchronous electrical activity in ensembles of cortical neurons can adjust to synchronize with the periodic vibration of an external stimuli, such as a sustained acoustic frequency perceived as pitch, a regularly repeating pattern of intermittent sounds, perceived as rhythm, or of a regularly rhythmically intermittent flashing light.