I gave the 1.2 kernels a try but both the ULV and LV ones caused odd behavior on my droid. They were very fast but I was getting random crashes and even a couple of system lockups.

Dropped to the 1.1 LV Kernel and so far it has been very stable. I may give the 1.1 ULV a shot and see how it runs.

Is the only difference between the LV and ULV in battery savings or do you see other benefits?