Been using this ROM since it first came out. Have tried others and in my opinion this blows them all out of the water. JMO though as I am sure others will disagree. Most ROM's are fairly close to standard with some additionally features, etc. This is a totally different concept.
On battery life, unless I am wrong, another way to calibrate it is to ensure that when you port it the battery is at 100% then let it drain completely (I let mine actually shutoff). From what I have read, this will reset the battery.
App Drawer - If you load this you can in fact use LP or ADW but this IMO sort of takes away the biggest draw to me which is the design of the desktop. Others I'm sure disagree. With the newer version (currently 12.3 - version numbers go by date btw in that they update the ROM every Friday) you can put your apps in a folder and put them in the tray at the bottom. Works almost like an app drawer.
Another cool new feature to this ROM is themes. You can quickly change themes from within the settings menu. Pretty easy and some awesome themes available. I am currently running a Christmas theme.
Finally, the only negative to me is that with the weekly updates I have been redoing my phone almost every week. ROM junkie - I love it.