In the past there have been versions of the CyanogenMod which is based on the Android Open Source Project, available for such smartphones as the Google Nexus One, the HTC Magic, and the HTC Dream.G1, and now there is a CyanogenMod for the Motorola Droid reports pocketnow
Apparently CyanogenMod for the Motorola Droid features a clean shutdown and startup system, a hack which will store the dalvik-cache of system apps in /cache thus saving 40MB on data, built in USB tether, FLAC audio support from Kenny Root, phone enhancements via Cytown, contacts enhancements via Wysie, ARM NEON optimisations from 0xdroid and Qualcomm.
Other features include, BusyBox, nano, powertop, openypn, htop, bash, along with all engineering command line utilities, the ability to perform zipalign-on-install of apps, DeskClock tweaks, 360 orientation by Optedoblivion, OpenVPN integration, large collection of ringtones, and many others.
Good news for Motorola droid users who are looking for extra speed, capabilities and features along with quicker updates that what is being seen from Verizon or Motorola.