(1) Overclocked Droid to at least 1.0 Ghz.
(2) Wireless tethering
(3) Retain all my contacts from my stock 2.0.1 firmware
I don't care about fancy-schmancy stuff like live wallpapers, custom themes, or other nonsense. All I want is the phone to be as smooth as possible. Hell, I think that the stock firmware is extremely smooth. Never once had it lock up on me or become jittery. I'm debating whether or not I should "upgrade" at all, but I do really want the capability of wireless tethering.
BTW, how do you guys retain your contacts when going from a stock firmware to a new ROM? I believe most ROM's have you perform a wipe, which will erase the contacts.