Which processes are noticeably faster? Is internet browsing a bit smoothed out and less jerky?
Depending on your settings, yes - it can speed up browsing a bit. Also,again depending on your settings, can save battery life. I drop it down to like 400mhz when charging and 250 when timed out. Makes a HUGE difference in battery life.
I think its a valid question and I am interested to hear some of your responses.
I am rooted and Overclocked(chevy 1.0), I have run DroidMod, BB.08 and now on Cyanogen.
After modding and Overclocking my phone, I was eager to see how much faster my phone was compared to my wife's stock phone. I got the phone and sat down and opened and ran all kinds of applications. I know this is not a scientific test by any means, but it is a practical test. After about half an hour of doing this, I noticed very little, if any in some instances, performance increase between the stock and modded phone.
I know mine phone is faster since I ran benchmark tests and mine was about 2x as fast as my wifes, but where do you see the actual performance increase? How many of you that say their phone is sooo much faster have actually used it side by side to compare it to a stock phone?
Overall though yes. Personally I don't see the point of going up into the 1ghz+ range, after a while I stopped seeing improvements on things. Everyone's phone is different, everyone's experience and expectations are different. There is definitely performance gain, and if you set it up right you can gain battery life too.
To fix this, I would recommend using a ESE53 build of 2.1 which fixes browser and launcher lag. Bugless Beast and Ultimate droid have done a great job reducing these issues with stock clock settings.