Yeah software can affect how stable a cpu runs. For example on the samsung based ROMs for the captivate(this is what phone shane87, my brother, has) they can only go to about 1400 stable, more like 1200 and be completely stable. But on the official CM7 builds, 1.6 is really stable. Their SoC is the hummingbird though and it's a little bit older, and not as robust.
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