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ROM Manager is the companion app of ClockworkMod Recovery and does come standard with CM7. It does a lot of the same things as CWM, but from within CM7, without having to reboot into recovery. Installing the ROM Manager app is the default way to get CWM on most devices, but most devices don't have a bootable SD slot like our NC.
If you're running CM7 from SD, you don't want or need CWM or ROM Manager. Even if you're running from internal storage, if your goal is to have one stable system and leave it alone, you don't need ROM Manager.
If you flash new ROMs every few days or flash every nightly build as soon as it's available, you might find a use for ROM Manager, but personally I prefer downloading updates manually and installing them with CWM. If you hit the "Flash ClockworkMod Recovery" button in ROM Manager, regardless of whether ROM Manager is on a CM7 SD or internal storage, it will install CWM to your internal recovery partition, which will obstruct both the 8-failed-boots recovery and B&N updates.
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