Well I took the plunge and so far its pretty good. After following the new (and more complex) steps I was able to install the latest ROM from CyanogenMod.
Troubles I had:
Initially there were several of force closes. I suspect this is because I chose NOT to wipe my phone... I would rather take the risks then rebuild my stuff... yup laziness one the day. I ran fix_permissions a few times after reboots and it seems to be fine now. Laziness paid off.
The next problem I encountered was this message when I ever I tried to use the HTC Touch Input (soft keyboard)
I downloaded and installed the latest HTC_IME.apk and tada!
All seems well now and it's seems much more responsive. Now I just have to wait for drpfenderson to build a new EnochX theme for it... Waiting is hard.
Also PicMe is an awesome app for Android screen shots!