I rooted/lag-fixed my phone last night and the results make it well worth it. It's like a new phone. I sat and played with the phone for an hour without any frustration. The base mail app hits Exchange with no lag. Gmail works perfectly. The Facebook app, which always had the worst lag, works like a charm now.
To do this, there is a tool in the market called "One Click Lag Fix" that is easy, requires little technical knowledge and works like a charm. It's also easy to roll off the phone in case you want to (both the EXT2 fix and the Root can be rolled off with the app). I had problems with the 1.4 version but the 1.5 version did work. If you are not familiar with how to upgrade your phone/download zip files to the phone/don't have time to do all of this, you might want to get this app.
(if this should be in some other thread, please let me know and I'll move it).
Here are the steps:
1. Download the app and install via the Market or AppBrain.
2. Open the app
3. Choose "Root Device 2.1"
(the app will copy a file to the root of your SD card for you and will tell you that you need to reboot with the right key sequence).
4. Hold down the Up Volume + Down Volume + power button. The phone will reboot into "Recovery mode" - let go of those buttons as soon as you see "Recovery Mode."
5. (and this is where it's not too clear) choose to "reinstall packages." This will install the Root update on your phone.
6. The phone will reboot once it's done (if it doens't, reboot the phone yourself)
7. The phone should boot normally. Let it finish booting.
8. Re-open the "One Click Lag Fix" app again.
9. Choose "Install EXT2 tools" Let it complete.
10. Choose "OneClickLagFix v1 +" Be patient and let the fix install.
11. Your phone will reboot when it's done (if it doesn't prompt you to do it, do it yourself).
12. (IMPORTANT) the phone will show the AT&T boot screen and then will go black. Sounds will play but the screen will stay black. BE PATIENT. Don't think you bricked your phone - it's just taking a really long time to boot up completely (yes, like 1 to 2 minutes).
13. Once the phone boots up, enjoy the lag-free experience that is the Samsung Galaxy S Captivate with no slowdowns!
I hope this helps other people. I was intimidated by rooting but once I saw how simple it was and took the plunge, I was very happy with the results.