Battery drain? I've been using LP since the day I got my Evo (about 3 1/2 months ago / 0003 Generation), and I have yet to experience battery drain due to LP. I currently have a 1750 battery, including some battery modifications (look up the "Battery" topic post by Slick10).
I also got rid of all the battery level % apps, due to spending more time watching my % rate then the actual level indicated by the Evo's stock battery indicator located on the notification bar. Once I trained my self to ignore the % rate of the battery, I realized, I would go at least 36 hours of moderate to heavy use (which may very per each user) before placing my phone on a charger. Everytime I placed my phone on the charger its was always still in the green. Since I have had my phone I've had it go into the "Red" one time and that was when I hadn't charged it for about 3 days.
Again, I had to ignore the numbers (%) and just enjoy my phone.
I am currently rooted via UnrEVOked3. I am not running any Custom Roms nor have I changed any settings such as un-installing Sprint bloatware. I am just using the Root for free wireless tethering purposes. Besides I have no idea how to install a Custom Rom nor do I know how to uninstall Bloatware. Additionally, I was told I cant install custom roms with the UnrEVOked3 Root process anyways. However, I dont know if thats true or not.