Although they were recently incorporated, the new forums for the Milestone and Droid already gathered some useful information. XDA member iamdarren made a thread pointing to a thread in the Android Software Development section where XDA member miragu provided an app that lets you overclock your Motorola Milestone/Droid with Android 2.x.
Originally posted by miragu
This project consists of a kernel module for Motorola Milestone/Droid with Android 2.x to unlock any processor frequency/voltage combination and a companion graphical app to ease the configuration. The phone must be rooted so that the kernel module can be loaded.
You could overclock to 1.0 GHz before a browsing or gaming session and then return to a lower frequency like 600 MHz, though still overcloked, for battery savings and safety. It’s up to you.
Originally, the application was developed for the Milestone, but now the Droid is supported as well. For those of you not familiar with the concept, overclocking allows for much smoother gaming/browsing and other functions that use a lot of processor power. Member miragu managed to get his Milestone running at 1,33 Ghz, which is even faster than the 1Ghz Snapdragon processor for the HD2. The only requirement is that your Milestone/Droid needs to be rooted in order to get it running.
The app is free, and you can find a link to the developers site in the application thread._________