It was one of the first apps I ever installed on my Wizard 20 months ago and today I consider it one of my essentials. It's a light weight (and free) app, the cpuscaler works magic (min 117, original 195, max 247, boost 260; fast, batterylife saving and stable) and skinning and customizing BStoday is easy!
Using BS as a todayplugin or taskmanager can't do any harm to your device; the overclocking can seriously... Nothing to be scared of, as long as you follow some basic rules. Presuming your HTC Touch is actually an Elf (w/ 201MHz omap850 processor), you will not have any problems using the cpuscaler with settings like min 130, original 201, max 247(, boost 260). Don't go over 260Mhz, pm me if you feel like.