Installed, using P3 1.2Ghz kernel with wifi, everything is smooth as butter after i installed LauncherPro. No reboots, no issues. Only thing missing is CPU temp, but soon enough someone will release a kernel with the ability to read it. Doesnt run hot at all though, i know what it feels like when my OMAP3 is reading 50c+. Been playing some flash games online. Running most recent radio update as well.
Installed the first and second versions. No problems at all with the second most things are running smooth. And I love it! It really is noticeably smother and faster even with the basic kernel that comes with it.
If you are rooted and have not installed Froyo, I am not sure what you are waiting for. The second release of Froyo is better than the first. Your Droid will be extremely fast and you will not be disappointed.
If you are not rooted, get it done and jump on this Froyo goodness.