The latest version of CyanogenMod adds more than just neat screen-off and screen-on animations. Besides the features seen in its previous releases, CyanogenMod 7 will allow for applications to be launched while the screen is locked by performing given gestures with your finger. Furthermore, having Incognito mode on makes sure that none of your web browsing history remains stored on the smartphone, and OpenVPN adds support for establishing VPN (Virtual Private Network) connections. Check the official CyanogenMod web page (link included below) for a full list of features and improvements over the previous version of the mod.
If you are new to CyanogenMod and willing to give it a try, be aware that installing it onto your smartphone involves rooting the device, which in certain circumstances might void your warranty. Make sure you check with the mod's official web page before doing anything that may potentially brick your phone.
For more information, check the official CyanogenMod web page here.
For an official list of supported devices, click here.
source: CyanogenMod via Android Central