Not sure if anyone is interested but Cyanogenmod 7.2 rc1 has been released. I have been using it on my Nexus One, and I just flashed it onto an Optimus Black today. It seems to be running well so far.
I agree with sbiddle about LG crippling the updates, I couldn't stand the stock rom on this phone. I really hate the level of "optimisation" some manufacturers put on their phones. It was pretty much bloatware the operating system, not to mention the features they have omitted for no particular reason.
But anyway here is the link for anyone who is interested http://www.cyanogenmod.com/blog/cyanogenmod-7-2-0-rc1-is-upon-us