Andy, Thanks for asking for the update never hurts to verify I have it right. So are you happy with your cm7 and what are the drawbacks? Don't you have to reinstall all your apps each time you flash a Rom.
If your just updating an installed ROM all you have to do in recovery is wipe cache partition and Dalvik cache. You don't have to wipe data(I didn't know this right at first until JerryScript mentioned it)Now, every time I update this ROM I still have everything right were it was.
If you flash a different ROM, or are coming from stock ROM, then it best to wipe cache partition,Dalvik cache,and wipe data/factory reset(only use the one in recovery,never the one on the phone). You should also format boot,system,data,cache. This means you lose all data.
If you use Titanium Backup never install a system app from it. The ROM will have the right system apps for it.
It never hurts to put the contents of your SD card in a folder on your PC,just in case something were to happen to it.
The only drawback right now is the headset doesn't work to talk on phone. It works fine for playing music.
The latest build 08032011 was having some issues with WiFi and data(now I remember why I didn't install that one)only a couple of people were experiencing it though.
Build # 07032011 seems alright with the WiFi.
I'm sure JerryScript+Blarfie are working on it and will come out with a fix in the next build.
The plus's are to many,and some have to be experienced to be understood.