The CyanogenMod team has finally released the first release candidate of CM7.1, which is based on Android 2.3.4.
Along with the latest version of Gingerbread, the CM team has also added some new features and support for more devices. With the release of CM7.1 RC, the CM team supports more than 44 Android powered devices. New inclusions include the Motorola Cliq XT, LG Optimus 2X, Samsung Galaxy S and the HTC Incredible S.
The whole change-log of CM7 RC1 can be found here. The default ADW launcher has also been updated to support transitions.
Since the ROM is still in RC, there might be some bugs and issues with it. Do report the bugs you find, to the CM team, which will help them in getting close to the final release. CM7.1 RC1 can be downloaded from ROM Manager, or directly to your PC from here.
For the unknown, CM7 is the most popular AOSP based custom ROM out there. The amount of features and personalization offered by CM ROMs is unmatched. It includes some very useful features like DSP Manager, Theme Manager, Notification toggles in the notification bar, multiple lock-screens etc.