I would caution those of you not absolutely needing this to at least hold off on this until Froyo is officially released. We have no idea what that update is going to verify before allowing itself to be applied.
All this saves you for the most part is one extra click. Yes, it's slightly more convenient, but better safe than sorry. If you have CWM installed and working, you don't gain very much by doing this, and you risk increasing your difficulty on future updates. Per Koush, CWM is no longer going to be "permanent" like this, and was not designed by him for the Fascinate to be permanent.