just a warning: I eventually got regular random reboots (req PIN code to activate SIM), freezes and total unresponsiveness with CM 7.0.3. This is common known error but there is no fix yet, AFAIK.
I also tried CM 7.1 RC but did not see improvement. It was even worse. SO I've just reverted to plain vanilla 2.3.6 using ClockWorkMod app with a full factory reset.
Hope you get spared these effects, but in case you don't you'll known what you can do.