For anybody who is considering this, it works great. Just be extra careful. Any time you start messing around with rooting and ROMs, there's a chance you'll brick your phone. Because there are so many steps to this process, there are a lot of chances to brick. Just go very carefully, step-by-step and do what you're told.
I got all the way through to flashing CM7-nightly179m and wound up in a boot loop because I got cocky at the end. Fortunately for me, it was only the software that was messed up and not the bootloader, so I was able to make it right.