I just flashed Velocity 0.4. after using GParted to wipe the SD/EXT partition, and then ClockworkMod Recovery to install Velocity. So far it seems to be working OK, but I have noticed the following issues:
Lookout Mobile Security keeps FCing - uninstalled. I had minor issues with this ever since rooting anyway.
Angry Birds didn't run until I rebooted and reinstalled it.
Opera Mini browser wouldn't run until re-installed.
You Tube videos which should be in color are in B&W.
I may be able to shed some light on the B&W YouTube issue. I just tested the camera, and it, too, displays only B&W images on the viewer, but it does take color photos when it is doing that. So I think there must be an issue with the video driver in this build not displaying color video for some reason when using the camera or watching YouTube. I shot some video with the camera and it, too plays back in B&W. So apparently only motion video or "live video" is in B&W. I can view color still shots in color.
I had used the BackupTool before I flashed the ROM, and although it seems to have put my apps back, it did NOT restore "all my settings automatically". I had to reset all the things like volume controls, which ringtones to use for what (many new ones are offered, but for now I am still using what I had been using in stock VZC, so they are still there and could be restored if the program wanted to do it). If I am wrong in assuming this backup gets automatically applied, someone let me know. I thought it did.
I lost my Launcher Pro screen setup. I 'thought' I had made a backup of the 5 screens and settings I was using before, but I can't find it on the SD card so I guess I had forgotten to do it. Would be nice if those would get restored too.
Are there any known apps which simply will not run from the Velocity ROM?