can somebody explain (in laymans terms) as to what these results really signify for the kernel/rom combination? thank you.
phones react in different ways to kernels and roms. I do not fully understand why, but its just how it works. My droid may get better results then yours and yours better then mine with the same set up.
From what I gather, some phones can use ULV/LV/NV - ULV should give you the best results, but not every phone can handle them.Some phones you can Overclock to 1.4Ghz and others might crap out at 1.1/1.2
It all depends on your given phone, no one can give you the best answer. You have to test things out.
As for roms, some have lots of extra stuff on them that might kill battery life, others are striped down to very little. again you have to look around and test it yourself.
I run cyanogenMod with its basic kernel. I keep it at 250~600 I get a decent battery life that will last me most of the time all day. For everyday use I dont OC it, tho I will turn it up to 800Mhz at times if its acting slugish(or I have it plugged in and am playing a game/watching my slingbox)