Serendipity is an i9000 based ROM, and their version of the phone is a straight up Galaxy S phone. The Captivate however, has an additional noise reduction chip called the Audience chip, that has hardware noise reduction as part of its modem. The Captivate can run an i9000 modem, but only a Captivate can run a Captivate one. In addition, ATT limits the upload speed on the Captivate modems, which is the flip side of the situation.
In general, it boils down to what sort of smartphone user you happen to be. Are you a VOICE user primarily, or a data user? In general, voice people should stick with i897 ROMs because of the hardware noise reduction. It is a fairly noticeable difference, especially depending on surroundings.
However, you can also solve the problem with a BT headset that has hardware noise reduction built in, and then you can still enjoy the faster network connectivity of i9000.
Lastly, you can try flashing just a new modem file. I do not recall what Serendipity comes with for a modem, but JK4 is very common. I am using KG3 and find the voice quality quite good. You can find most of the modems in the stickies on top of our XDA forum.