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Every CPU is different, period. There is no "right combination" for all DROIDs. I'm running Sholes 2.0.3 at 1.3 GHz. And no matter what I try, I can barely get the thing up to 95
Ironically, I have rooted using SMU and honestly, I don't see a drastic improvement over the stock 550 on my phone. Like stated previously, not all CPUs are the same. I even use the 2.1 launcher at 550 and it doesn't lag at all for me. Of course I don't use a lot of widgets, I don't have Wifi enabled unless I'm at home and charging. I only keep apps/shortcuts on one screen. I thinks its just as easy to search my app tray as it would be to scroll through 3-5 homescreens. Plus I only have about 10-15 apps total on my phone so there isn't a lot of extra background stuff going on that some apps/widgets require. I do use a task killer and that seems to help a bit for me anyway (no need to comment about that topic here lol).
I guess I am lucky for the set-up that I personally run that I don't have many issues. I don't regret rooting at all, but except for some of the extra features, my phone works perfectly at the stock 550. At 800 or even 1ghz, theres minimal noticeable difference. Battery life is about the same, maybe a tad less, but nothing horrid.
Just my .02