Last night I went from CM7 to rooted 1.4.1 using these instructions:
http://xdaforums.com/showthread.php?t=1438212
I did this because I've really been using my TouchPad as my tablet and my Nook Color as a reader and lightweight browser/mail client, so CM7 felt a little "heavy". I also wasn't able to use content like my Entertainment Weekly digital subscription unless I went back to (relatively) stock.
I'm using Dalingrin's most recent Froyo kernel along with SetCPU to run at 1200MHz. It's silky smooth. I have access to the Android Market and Amazon AppStore, and I've side-loaded many of my apps, primarily Amazon Kindle, Google Currents, and a few games.
I have LauncherPro Plus as my launcher, though as the previous poster mentioned, the "N" button behavior is REALLY annoying now! Press it once and you get the little bar on the bottom with Home/Library/Apps/etc., and press it again to actually go back to the launcher. Considering that previously I was using the soft home key in CM7 almost exclusively, this has me a bit concerned about the longevity of my "N" button! Yes, I have Button Savior installed (I prefer it to SoftKeys), but I really use it as a backup for apps that go full screen but still have a dependency on the Menu or Back keys. I wouldn't want to have to use that as my Home key full-time.
For what it's worth, I tried doing things the other way...bringing my side-loaded apps into the Nook's stock launcher using Nook Color App Manager, but between the fact that each screen can only accommodate a 4x3 grid of items (including apps, books, magazines, etc.) and the fact that just swiping from screen to screen more often ends up moving one of your desktop icons out of place, I don't feel I could have that be my day-to-day home screen.
Of course, almost immediately after I got all this set up, I saw that a second build of ICS has been posted that evidently is pretty far along, so my move back to rooted stock may end up being very short-lived.