so i'm guessing that if i the rom to my phone i will lose my currently installed apps??
Yes!!! U will lose everything. I recommend this for those that dont have jailbreak and/or ChevronWP7 Unlock on their phone (If they are still any out there). But if your phone already have those then u need not flash to this because the thing that is added here are the Chevron and/or Jailbreak and added more languages. It is good to know that one can flash to HTC WP7, and as times goes on much more interesting ROMs will be out. Who knows some ROMs might end up coming with tethering and some other mor stuff, then that will worth flashing for everyone.
DFT have done a very good job with this, its a starting point to great things to come.
PEACE!!!