There is no real pain with wiping data if you have titanium backup and your configuration saved with Launcher Pro or Go Launcher.
Just reinstall your ROM/Kernel whatever, download titanium backup, restore all apps/configuration, restore launcher configuration, move back a few widgets.
That's it.
Go Launcher EX is free, and Titanium backup is probably top 5 apps you could ever buy. It's pretty painless.
I've installed new roms/kernels countless times. Sometimes 3-5 times in one week. Make a backup, install new stuff, if I like it, I keep it, if I don't, I restore.
That easy.