It speaks volumes about gokhanmoral, developer of the Siyah kernel, that even though he no longer owns the SGSII, he has bent over backwards to try to make sure that we are not left out and have a configurable kernel rather than just ditching us for pastures new. A true, "Gentleman and a scholar!"
I am on the Siyah v6.0beta4 release which is the first one I have been able to flash via CWM Recovery. All the rest were .tar files flashed using Mobile Odin.
I have re-booted a few times since installation and have managed to retain my personal settings every time!
By-and-large, I have left the majority of settings, "as is", with just a few exceptions, BLN being the big one for me, and am running it in conjunction with the stock JB Power Saving menu to see what happens. Far too early to talk about battery consumption yet but I have not experienced any lags or FC's to-date.
EDIT If you are using Power Saving you will need to manually set the, "CPU MAX FREQUENCY", to 800MHz in STweaks as Siyah seems to override this. Not sure if it is doing the same to other Power Saving settings so far.