I just downloaded this yesterday (yeah, late to the party), and I must say I'm blown away. This is extremely impressive, and I proceeded to wasted several hours whipping up a theme (pics posted after I tweak the graphics a bit).
I really want to thank the dev for what must be an enormous amount of work, punyweakling for being an active participant in this thread and discussion, and everybody who has posted here with useful comments and helpful information.
My experience so far (unrooted Droid, 2.1) has been that the performance will begin to slow down significantly after heavy editing, but will eventually stabilize and speed back up. I have been using HomeSwitcher to toggle between SH, stock and Home++, and this seems to "wake things up" when it gets laggy. I would also suggest this for the folks that have been reporting bugs with calls, etc. I can't guarantee that it will work, but I'd be interested to hear what the different experiences are.
Just a couple of words about this and the folks that are having issues. This is still BETA software, and SH explains the ramifications of that on their page-some things are simply not going to work right. While it's frustrating to have FCs and performance issues, our experiences with those are what helps the dev create new builds and improve the product for everybody. Your suffering now will result in a better experience for everybody in the long run. Sounds kind of cold, but the reality is that is what BETA builds are all about.
Again, thanks to everybody who has shared their experiences in this thread, particularly to the folks who have uploaded themes, sent in the bug reports and offered constructive input and criticism. "This sucks" is worthless. "I don't like this, here's why and here's what I would prefer" is not only more polite, but is constructive and will help the dev provide a better product. The post above this from Corinacakes is a great example of what to do.
Looking forward to seeing where it goes!