AOSP CM7s version of 2.3.4 Gingerbread.
its basically a stock gingerbread rom. that has the added bonus of Cyanogen stuff (notification shade power controls, different lock screens, able to change many more options than in Gingerbread alone)
also, it includes some of the basic apps, like a file browser, theme chooser, terminal, superuser.
when booted for the first time It's almost a stock Gingerbread rom, with no cyanogen branding and the real cool stuff is in the options menu. it doesnt come with some 3rd party launcher or skin.
you can truly customize it the way you want.
as a bonus, it has all the features that make 2.3 a MUCH MUCH better version of android than 2.2, since this rom is ACTUALLY 2.3
the only negative is that the stock headset wont work for calls, the bluetooth doesnt work for a headset (but does for everything else!) and the battery drains quicker when using WiFi than on some other roms. but if you are on wifi, your probably at home, and the phone is probably plugged in. but it should still be noted anyways.
Ive used all the other roms and they are nice and all, but 2.3 is on the whole, much better than 2.2, unless you really dont use any of its features, theres no reason not to try this rom.
one thing we see alot is that a lot of new apps are running better on this ROM than any froyo rom. netflix works perfect, as do some others that have issues on 2.2 roms.