Where CM7 stands right now:
Out of the box everything works except for the camera, camcorder, some streaming video and torch. GPS is working great and there are no issues with GPS and network locations.
Thanks to Razorlovers there is one fix to flash that fixes the camera, camcorder, streaming video and torch. After this fix is flashed everything works (except any HD videos you have recorder, you need to have another app installed to be able to get these to play or convert there to a different type of file. The only draw back is the camcorder will not record in 720p. With the MIUI camera it takes great pictures and decent (not HD) video.
My advice is if you are wanting to give this a try should, unless, you don't want to take the time to get back to Gingerbread or your previous ROM if this is not for you. Or if you LOVE the blur camera or must record video in 720p.
What are the advantages, 1% battery reading without an addon app, unlocking gestures, different wallpaper for the lockscreen from the normal wallpaper, manually set the auto brightness, LED controls built in. Also just an overall snappy and fast system.
Disclaimer: All phones handle software differently. I have not had battery issues, I get 16 hours out of my phone easily each day. I have not had random reboots (on any of the builds, there were on #33 but it was figured out what was causing that and it looks to be fixed in #34).
Would I recommend this phone to someone just getting in to rooting, no. But to those who have flashed almost every ROM out there this is one of the best ones that I have put on my phone.