ROMs are awesome because of the versatility it provides.
My Droid X is currently stock. I would root my phone and use ROMs if I won this.
The reason why I love ROMs is because they allow me to customize my device the way I want it to and not the way a company makes. It allows me freedom to do many more things then previously imagined. I currently use ChiNgy510's Invigorate rom for my thunderbolt and it is totally awesome.
So I love rooting/roms simply because of the freedom it allows, specifically the ability to teather my phone to a computer when on the go! Also being a loyal CM fan I am a frequent flasher, so any thing that can make that process easier would be awesome.
Samsung Galaxy Nexus
My favorite part of ROM is the ultimate customization! I flash ROMs constantly on my OG Droid and am getting to the point where I am ready to root and ROM my DInc2.
I have had this app for a few months and it is sick. One of the best apps out there. It has several ROMs, numerous tools, tweaks and more. Install fonts, boot logos, animations and more.
Good luck everybody
My favorite part about custom ROMs is exactly that, the customization. Not just talking about the different ROM options available out there for each device, or the different settings/options in each ROM, but the ability to come up with an idea of your own, contact your favorite Dev (ChevyNo1 in my case) and let them know your idea... and then finding it in the next release! that is the best part about custom ROMs, in my opinion
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Samsung Galaxy Note II