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As for CM7, I've had zero issues with RC1, although I did have the wake issue you mention with one of the earlier nightlies. For me, both MIUI and CM7 are up there with my all-time favorite ROM's. (And contrary to what Panz said, there is SO much more to MIUI than just a pretty UI.) Here's a quick and dirty, off-the-cuff break down the major things I like/don't like about each:
CM7- Likes
- Total control and customizability
- Deep reaching, advanced settings and controls for power users
- Built in theme engine (although it's still in the early rough stages)
- STABILITY
- PERFORMANCE
- SMOOTHNESS
- BATTERY LIFE--so far, WAY better than MIUI ever was for me, even using the kernels mentioned in this thread!
- DID I ALREADY SAY PERFORMANCE?
- Community (more on this below)
- Dislikes
MIUI- LIKES
- Aesthetics--clean, smooth, great looking all around (with exceptions noted below)
- Theme engine--far better and more complete than CM7's
- Built-in backup utility (more on this below)
- Built in file server (which serves files over local network with a single click)
- Dislikes
- Weekly releases often break more than they fix
- The iPhone-esque app launcher (more on this below)
- Community (more on this below)
- Certain aesthetic items, like the prevalence of white throughout (I like dark colors, and so does my battery)
So this is in no way a comprehensive list, as both ROM's have a lot more to offer, these are just things off the top of my head.
Now about those items I noted above...
Community--CM7 is well supported via multiple mediums by many highly skilled, very talented, friendly, helpful people, and it has a very large user base (the largest of all non-stock ROM's atm). MIUI, on the other hand, has completely eschewed the de facto dev locus known as XDA, limiting their reach and pull. There are just a handful of Incredible devs working (very diligently, I might add) to port this ROM to the Inc, sometimes completely kludge-style. And these devs can be a bit...ahem...sensitive at times. (I'll leave it at that as jkhonea chuckles silently to himself). So overall, I've had a much better experience with community support for CM7.
MIUI's built-in backup utility--one thing that always annoyed me with wiping and flashing other ROM's is the fact that even with a good Titanium backup, there was typically no easy way to restore my desktop settings (i.e. widgets, layouts, etc.). MIUI backup, however, not only backs up apps as Titanium does, but all MIUI (including desktop) settings, as well. So you can wipe everything and install each release cleanly, and very quickly and easily get things set back up the way they were before. This, for me, is the killer app that makes MIUI worth using.
MIUI's iPhone-esque app launcher--If you have, say, 50 or fewer apps, then I can certainly understand the appeal of this (although even if that were the case with me, it still wouldn't appeal to my minimalist aesthetic, but I digress...). But when you have a significant number of apps, as I do, having them randomly scattered (you can't auto-sort the desktop icons in any way--WTF, MIUI???) across MANY desktops creates a usability nightmare. It's just ridiculous. Perhaps I don't need that many apps, but it's a farking smart phone that does tons of smart stuff, so gat dammit, I'm gonna have me some apps! And while it's true that I could ameliorate this issue by running an alternative launcher, wouldn't that mitigate one of the key selling points of this ROM? Then it's no longer MIUI--it's just another ROM with some neat features that I'm running LP+ or ADW-EX on.
So since you asked, Mr. OP, that's my $0.02. Sorry if it was a bit long winded.
For the record, after using MIUI for a few weeks, I'm currently using CM7 RC1, and will probably stick with this for a bit, although, being the ROM-slut that I am, I'll likely flash a new MIUI again in a few weeks.

Rooted
Unrevoked-Forever'ed
CM7 #...aw, hell, they come so fast, I can't keep up
slayher's kernel
2.15 Radio
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02-23-2011 10:24 PM
# ADS
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Oh, and there's also the fact that CM7 is a GB ROM, which is nice.
Sent from my ADR6300 using Tapatalk

Rooted
Unrevoked-Forever'ed
CM7 #...aw, hell, they come so fast, I can't keep up
slayher's kernel
2.15 Radio