I've got an old Droid 2 and won't be replacing it until this fall. I try to run Firefox Beta, but it always takes on the order of ~20 seconds to start. It's quite frustrating! I much prefer the Firefox experience to the built-in browser with the exceptions of font rendering, poor hardware keyboard support [1], and the long start up time.
Edit: I just downloaded the update, and it's incredibly good. The startup time is almost instantaneous and the fonts finally look comparable to the Android browser. I'm quite impressed! I haven't tried using the hardware keyboard yet, but these two fixes alone represent a significant upgrade to the Firefox Beta experience. The new start page looks slick, too.
So I guess I've just replaced my default browser.
Edit 2: This is _really_ good. You have to give it a try, especially on older hardware.
[1]: Left/right keys don't work right, editing is buggy and places the cursor in improper places, modal keys get 'stuck', etc. I think it's a regression; at one point this wasn't a problem. I wish I had a bugzilla link, but I don't have the time to find/make a report.
I too have issues editing, I'm hoping that'll be resolved soon but even with those bugs it has been a better overall experience than the Chrome or the stock browser for me.
The new Firefox beta seemed to be quicker than older versions but crashed within a minute of browsing on a semi-heavy page, it is just too unstable and its memory footprint is way too large for a phone like the Nexus S.
The Tablet version seems to have greater support for addons, it's great to have Lastpass with me.