One of the most recent types of development here on XDA is the idea of a hybrid ROM that melds tablet- and phone-based features into one ROM so that users can experience the best of both worlds. Paranoid Android is the first such hybrid ROM, and thanks to XDA Forum Member sechko, it is available for the Sony Xperia Play.
The port is on its second version, and is based on the FXP127 base. Sechko has fixed the UI crashing that plagued earlier attempts. In addition to the many features offered in tablet mode, there are different themes and kernels available to select from.
Head over to the original thread for more information.