CyanogenMod 6.0 RC2 is out as of a couple of days ago for both the Nexus One and HTC Magic. 

I flashed it on my Nexus One earlier this evening. There is so much good stuff in it I hardly know where to start. 

The ADW Launcher is fully theme-able and you can download new themes from the Market via the Settings for the Launcher. You can make the app drawer work horizontally instead of vertically, like the Samsung Galaxy S one does, if you want to. Or change it's colour. Or the number of apps in each row and the number of columsn....Or change the preview mode for the Home screen to various options, including the cool animation on the HTC Desire where all the previews sort of spin in from the outside, then spin back out again when pick one. 

The wifi hotspot and the Wireless N support are there, of course. 

These guys have taken pretty any and every cool thing from any Android phone made by anyone and combined it into this one package. 

Well worth a look. The final release should be six fifths of awesome when they've squashed the remaining bugs. I haven't found anything major so far. Here'as a screenshot from my phone. This is a white-themed ADW Launcher configuration. Very light and crisp. There are several themes available from the Market.   

White-themed ADW Launcher on CM 6 RC2