I switched from the default launcher to ADW and set system persistent in the options to prevent launcher redraws. It made a big difference for me in terms of performance and waiting, but YMMV (depends on whether you have redraws). I also installed the supercharger script, described
here with a few other tweaks. My only real stability issue since installing FRX07 is a quick reboot (not back to winmo, just to the android boot sequence) after installing apps. One theory you'll find in that thread is that changing the sd read ahead setting might alleviate that. I plan to do some testing on that this weekend, but overall, I'm pretty happy with things.
As to a ROM, there's a nand version of xdandroid in testing, but it's not stable. Perhaps someday...