@Harishmirror thanks for your excellent review of the Lite firmware. I upgraded directly from v1.1.7 -> v7.6.4- Lite yesterday using the Ninetools beta android app. I was told by @MRN76 that if I did not like the custom firmware, he would compile a new firmware that would let me flashback to 1.1.7. So it is absolutely possible to go back, but it's just not something I can do quickly and without his involvement. As of now I am really pleased with the ride quality, fewer tilt-backs and see no reason to roll back.
PS: excellent thread and great discussions!