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It gives you more space on the internal memory, right? So i'd guess the d-cache isn't moved to SD and then you'd possibly gain some speed.Hboot does not affect speed.

I find the stock ROM quickly runs out of space for apps,Right now im back running the stock HTC Sense Froyo ROM on my Desire :/
I've tried... GingerVillain, Miui (Au, XJ and Android), Redux, CM7 and Oxygen and none of them have really stuck with me, though I have realised that I much prefer using Gingerbread over Froyo, it just feels more... natural to my phone habits :/ over the next week or so i'll try and get hold of another sense ROM, just to see if any of those interest me but I really don't know
I find the stock ROM quickly runs out of space for apps,
Have you tried a stock sense gingerbread rom? Probably the best mix of gingerbread + stability you can get! Something like Supernova Xtreme or Tabasco's silky?
Thats what I love about sense too, Its just got some polish that a group of 3rd party apps and all the 3rd party launchers don't have.I seem to be a fan of how things are just integrated into Sense like the way it pulls facebook photos to contacts and gives me the option to link profiles to contacts if the names don't match exactly... just little things like that really (without the need for a 3rd party app)

Went to CM7 last week as first Rom. However I am running short of memory already. Is this typical? I have put everything on can on SD card though some you can't eg I found that Swype needs to be restarted often if it is on the SD card so needs to be on the phone. And widgets too of course.
Am not running any more than on stock Desire but memory seems an issue.
Did you install S2E from the market?