You'll be able to do anything on it but flash custom kernels. So, if a dev was able to get CM7 working on the stock kernel (not saying whether that's easy or extremely difficult, I don't know), then yes you could flash CM7. I wouldn't expect it anytime soon though.
That being said, ROMs built around the stock kernel are made for Moto devices and are quite nice (even having a Droid 1, I'm somewhat jealous of my friend's Droid 2 because the ROM makes the phone pretty good, I believe he's using Liberty now). Something to consider.
PS: It also depends on if the dev community is strong. Something I keep forgetting (though probably partly because it's kinda sad) is that the Motorola Milestone (the Droid's locked down GSM counterpart) has a very tireless dev community going, and because of that, they DO have CyanogenMod 7 up and running on the Milestone despite the locked bootloader. I couldn't tell you what their method was, I need to go to XDA and ask sometime, but I imagine that only a (no offense guys) somewhat lackluster dev community impedes the Droid 2/X and in the future the Bionic from getting a port of CM7.