Try franco's kernel (search in xda) for performance. I'm using it and it doesn't have any bugs. Goldleaf kernel is supposed to be good for battery life, but I haven't tried it yet.
Mik's ROM is very stable. But it doesn't have the data toggle found in stock ROMs.
Andy's Phoenix ROM is buggy - you cant add contacts, video playback is poor, but otherwise the ROM is super cool. I somehow solved the contacts issue when I reflashed the ROM. Video playback issue can be solved by copying 2 codec files from Mik's ROM - you can find how to do that in the ROM's thread, but unfortunately you wont find it at the beginning or end posts (its somewhere in the middle).
Both the above ROMs are based on old baseband. They use franco's kernel, so both have good performance. But both Mik and Andy dont make ROMs for the P500 anymore, sop dont expect any updates.
I've been wanting to try the new Oxygen ROM for some time, but I never got time. It seems good and is quite popular.
You can search xda and find scores of custom ROMs. Just read the first post which usually lists the bugs and make sure to check which baseband it is.
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