After two days of use, here is my review. (And I hope Sniffle reads these posts.)
First off, this ROM is rock solid in a lot of ways. In the past two days, I have not had any random reboots. I have not found any froyo compatible apps that don't work with it yet. (And no, I don't use facebook.) This ROM is the start of what could potentially be one of the most beautiful and fully customizable AOSP-built ROMs ever.
The reboot option is there, as well as a second pop-up option for rebooting normally or into recovery. Awesome touch!
I have tried 5 different P3 Kernels as well as 2 jdlfg kernels, and they work perfectly! jdlfg kernels, for some reason, tend to be battery hogs on this ROM, though. They weren't on any other ROM I tried. Although, for the sake of fair argument, I have been playing with my phone pretty much non-stop for two days now. It could be a pure coincidence.
There are a couple of things I would love to see changed before the next release, though. One of them is something you already know about... Some parts of a theme don't work at all. Changing the eri.xml (VZW Banner)... doesn't work. I had to try 3 times before the icons in framework-res.apk would change.
I don't know if the spare parts app was altered or not, but there is no option for hiding the clock. I can change the transparency, but it doesn't remove it. In my eyes, this is just one of those fundamental things that really needs to be an option. Hopefully it will be included on the next release.
That's about all I have for now.
Here are some screenshots of my phone with Sapphire 0.6.0 running. ADW Launcher, and yes... it is themed.