Just wanted to drop in here and throw a shout out to all the helpful contributors on the Droid Hacks forum. Thanks in no small part to the how-to posts here I was able to take my stock 2.1 and get it rooted with a very minimal number of headaches. In fact the only real issue i had was that my phone didn't program the first time I went to reactivate it.
Now I'm running my rooted 2.1 With Chevy's seven slot low voltage 1 ghz kernel and the ClockWorkMod Launcher.
I am one happy camper.