Method to reduce battery consumption
People were talking about possible battery loss due to this running as a background app. Granted, the power savings are probably greater than this battery loss, but you might be able to achieve even greater savings. I haven't implemented this myself, but my understanding is that you can configure apps to periodically update -- usually this is used for triggering downloading of updates etc. Basically it works by telling Android to activate the app after a certain amount of time -- until then, the app can shut itself down thus consuming 0 power. This may be how the app is implemented already, I dunno, but if not, I thought it might offer both memory- and power-saving benefits that would make it well worth the coding effort required...
Also, another suggestion. In the latest stable CM7 build (or possibly earlier -- I just noticed it recently), the power control widget seems to have the ability to disable data while retaining voice connectivity. People might prefer this approach (although, admittedly, it would significantly reduce the power savings) if they want to have a voice connection as much as humanly possible. Perhaps you could utilize whatever method they used in the widget to offer transitioning into data-disabled rather than full airplane mode?
Finally, to address airplane mode disabling bluetooth, all you have to do is retrieve current bluetooth state, toggle airplane on, then set bluetooth state to the retrieved value. Airplane mode will stay on, so your app's functionality will be unaffected, but the issue with losing bluetooth will disappear (actually, it would still occur briefly when airplane mode flips on, but would only last for as long as it takes to re-establish the connection).
Hope some of these ideas help... I'm looking forward to seeing this fantastic app get even better.