Ok, I pulled the trigger and went through with the SetCPU procedure. Followed the directions and tested a few things. I'm not seeing much of an improvement in speed, although the screen rotation seems to happen MUCH MUCH MUCH quicker now, especially with the keyboard opened.
I was playing around with my friend's Droid yesterday (she has no idea how to use it, so I'm always trying to "Fix" her problems... which are usually just laziness) and was a little jealous of how fast the screen rotates and things load. With SetCPU, it seems to have narrowed the gap on the screen rotating. The apps loading maybe is tougher to notice, as there are limits to how much that can be sped up.