Okay, here we go
When the phone boots for the first time this is what you will see
Pretty nice, except for the icons, which you can't change! (more on this later)
As the OP said, the appdrawer labels are cut-off a bit
A fix might be gotten if you make the icons a bit smaller or make the grid smaller.
Also as the OP said the default lockscreen is pretty cut-off, to unlock it swipe up on either the yellow bird (dialer) or red bird (messaging) then go to Settings->Personal->Lockscreen->Style options->Lockscreen style and change it to anything else.
The settings are very nice! They're grouped by function and you switch between the groups by swiping left or right
Takes some time to get used to, but I like it a lot.
The notification pane works, but the power toggles are way to big. (FIXED IN v2!
The top shows you your data usage and by tapping the orb in the top right you kill background tasks.
By tapping the data usage in the notifications you get to the data usage usage graph and by swiping right you get the app firewall, and by swiping left you get to the data monitor settings.
And here we come to the theme part, by default it only ships with one theme (angry birds)
There is an online tab, but that one force closes when it loads (!), which means you can change the theme to anything else (unless it gets fixed or if the ROM ships with another theme)
The dialer is really nice, it does have T9 dialing, but it has this odd blue line going down the center of it.
The contacts are also very nice, adopting the same ICS like left and right swiping to swipe between the contacts, favorites, call log and messaging
Pressing the chinese letter at the bottom will bring up initial letters which can be quickly used to get to Z for example.
It ships with two file managers IO File Manager (CM7 default) and it's own one.
In default view it shows you how many music files, pictures, videos, documents and .apk files you have and allows you to show them. It also shows you how full your SD card is.
By swiping left you get to a standard file manager, which allows you to browse your SD card (no internal phone memory though).
If you happen to dislike the stock launcher it does ship with ADW as well.
It comes with inbuilt SMS and call blocking.
Now for some stuff that I dislike.
No CM7 settings. If we had that, disabling the power widget would be easy and it would be a good temporary solution. It does integrate SOME parts of CM7 settings, like the lockscreen settings and performace settings among others, but just not enough.
---------- Post added at 07:33 PM ---------- Previous post was at 07:00 PM ----------
Fixed the Angry Birds only theme problem.
Place these on your sdcard (or lewa/theme/theme) and force close the Launcher for the list to refresh and you will have a lot of themes now!
Also make sure that you're wifi/mobile data is turned off, so it doesn't force close when it loads the online theme list.
Makes the default launcher a lot more tolerable