I use followed the steps indicated in the link emusan has just posted. Took the most time hunting down and installing Titanium Backup Pro, z4root, and (important) root explorer. It DID help a lot that I have a Samsung Fascinate to pull working Google Apps (Gapps) from.
The beast rocks now.
Except for this whole tethering thing. I refuse to give Verizon $20 a month for the few times I want to 3g my PE.