Danger, Will Robinson. For some reason I had trouble. I had to reflash Nils twice to get it to boot. Once I did it is very slick... One small problem. My Titanium backup didn't completely restore. I went back to my Nandroid, tidied up a bit, re-ran Titanium, created another nandroid, and now I'm going to try Nils Again...
For the little while I used it, it didn't seem as fast as CM7 N 89 with the stock kernel. I'll be back.
Update - I've had it running all day and I must say that Nils has done a great job! This ROM is very slick looking. Everything works well that I've tried with the exception of GPS. It worked at first, but then when apps called for a gps location (maps or nav), the phone rebooted. I tried off/on and several other variations, but it appears GPS is not working correctly for me. I'll try some other features and update later. Bottom line, if GPS isn't a big deal, give this one a shot. It's purdy.