This sounds good enough to almost make me want to root...almost
I'm quite happy on stock right now, the only two things I kill after a reboot are Twidroid and SSA. Yes the bloatware is still there taking up space, but I'm not using it. I suppose my biggest worry is the less than stellar battery performance of some of the ROMs:
http://forum.androidcentral.com/optimus-v/71693-optimizing-battery-drain-optimus-v.html
n00b question: does the kernel affect battery life? Seems like it would have to. I have no interest at all in overclocking, nor anything else what will increase battery drain, my only goal with rooting would be to remove stuff I don't care about and in that sense this ROM seems perfect.
Does this ROM do anything about the time-without-signal bug?
You are considering it for the exact same reason I finally took the plunge.
When I rooted, I had no intention overclocking, in fact I went a month and a half rooted and with a different rom before I overclocked. I started with Stock + Xionia, and just doing that I could see an improvement in performance, it was already a different phone. Subtle, but it was there. When I finally did overclock, it changed it again enough that I could tell. I don't push it though, I only went up a bit. After a while on Stock + Xionia, I decided to start pulling more out of the rom, the result of which evolved into Aphrodite. It was created for exactly what you are after.
The kernel itself has no real effect on battery, I don't think. However this performs just as stock, but better in every way. I haven't seen any issues. 2.3 rom/kernels on the other hand, have been known to drain batteries, this is a 2.2 rom. While killing those apps helps, it doesn't compare to an optimized kernel and completely removed apps. I don't care hwo good memory management and such is, not having it run in the first place is always better.
As for the time without signal,
On my phone (now others will argue till they are blue in the face), every time I have used anything to control the radio system, I ended up with my phone not reconnecting to 3g after data loss. This includes the time without signal fix. I don't think it contributes a significant amount to battery drain, and the general consensus is that it doesn't, if any, however after I reboot, I go into airplane mode for 15 seconds then back out and that fixes it until next reboot. I think too much has been made about the time without signal to be honest.
All that being said...
Here are some things to keep in mind with rooting and roms...
You lose your warranty, my response to is that, I can't wait for a replacement. If mine dies, I have to go buy another no matter what caused it. I can't be without my phone for 3 days, much less a week due to work. It's relatively safe, but not 100%.
Second, it's addicting. Just look around at how many are bouncing from one rom to another. Always looking for that next fix. Roms are like crack for geeks.
Some of us (those still in denial) will tell you it's harmless and that it's not a bad thing. Beware!
I won't tell you to do it. It's risky and some can't afford the risks. It's a personal choice, but for me, the benefits outweighed the risks, besides, I love messing with this stuff... But I'm not addicted, I can stop at any time!