I recommend this CM7 rom:
http://xdaforums.com/showthread.php?t=1508802
I like it because it has almost nothing extra added and the developer updates it regularly, which very few of the other cm7 roms seem to get.
Regardless of which CM7 rom, I do think you should definitely go with a cm7 rom over an ics rom, for now at least.
The ics roms are just too buggy now. They are missing a number of settings still, they often crash, there are issues with charging, usb storage mounting, full screen apps, video streaming. They have come a long way but for me, they aren't ready for full time use yet.
CM7 maybe be old news, but it's reliable and it works.
I'd say go with a cm7 rom and maybe switch to ics or perhaps jellybean, when they are really ready.
EDIT: From what I understand, you get much better battery life with cm7 right now as well. I can usually go 2-4 days with regular use without charging my kindle running cm7.