I'm using patch1 and I noticed a really big increase in speed. Mp3 player stutters slightly when you open the browser I didn't notice any stutter when opening any other application. Slight increase in player quality(not so sure about this, I noticed better quality but it could be psychological).
My N900 is OCed to 900mhz if that matters.

I'll post the battery life performance tomorrow. and if I have time the patch2

Edit: Phone is still slow if you're browsing the web and listening to music.