I'm using it right now. the recovery he uses is SUPER easy to flash, just download "ROM Manager" from the market and you can use it to download/apply the new recovery console for you.
The ROM itself is also awesome. I love the launcher and the ability to dock items. I installed the ported NexusTheme (I believe it was posted above) over top of the theme and now it looks great. Everything runs smoothly, and the ROM has included within it the ability to overclock (only to 1GHz, but it's good enough for me for now).
Also love the ability to have the phone auto-rotate in all directions (180° is off by default).
IMO it's definitely worth a shot. Just make a Nandroid backup before you do, and when you go to install Koush's new ROM, ROM Manager also has the option to make a backup of your current ROM as well.
You should probably wipe data as well.
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