I was having some issues w WM5 regarding my phone notifications. Numerous times I missed calls because my phone wouldnt ring. Got tired of hard resetting, so I went ahead and installed WM6 (the official Palm release for VZW). I've since upgraded to nightraven's 6.1. The thing you're going to find with the 700WX is that there's not a lot of custom ROMs out there for this device, compared to what's available for, say, the Mogul/6800. Check the sticky @ the top of this forum or go here
http://forum.xda-developers.com/showthread.php?t=397134 for more custom ROM goodness