I went through the rooting process a couple weeks ago when I wanted to try out that Autostarts app I mentioned in the other Android thread, but I shied away from actually loading CM7 because the RC1 release is apparently still not ready for prime time on the NS4G. I don't find myself wanting to overclock or anything just yet, but I do look forward to using it when it's more stable on my phone.
I also lost everything due to the boot loader unlock thing, but since I did it only a week or so into owning the phone, it wasn't that much of a loss. Hopefully now that I've gone through that, I won't have to worry as much when I flash CM7.