Pros:
+ It's an alpha, but impressively stable. No more than a couple force quits all night. No random reboots.
+ It feels a world faster than webOS already.
+ Battery life isn't optimized, but wasn't horrible, either.
+ Touchstone worked for me; even had a chime when docked.
+ Many apps I restored to the device worked wonderfully.
+ Did I say apps? I'll say it again: Apps.
Cons:
+ Obviously, not all apps work perfectly.
+ Wi-Fi was flaky on 802.11n (5Ghz). Turning on and off a few times fixed it.
+ Market reported being offline when everything else on the unit was connecting fine. See above Wi-Fi fix.
+ Market is filtering many apps, but here's a fix: http://forums.precentral.net/other-tablets/303534-how-guide-...
+ Unexplained slowdowns from time to time. It's Alpha. It happens.
+ Will wipe your /media/internal directory for repartitioning. Back it up first.
Overall, I'm really impressed with the speed and result of the CM7 Team's effort although I find myself missing the multitasking/switching component of webOS (but not the slowness).