So I have the non-Fender mytouch 3G that is on its last legs. I want to try to stretch its life out a bit more, because I'm trying to be frugal hah (it's true). I've heard that rooting and installing a custom ROM like cyanogen can help speed it up. Its this true? Again, the only gains I'm really looking for are in performance...and maybe wifi hotspot.

Any thoughts? Thanks!