Say something happens to my phone and i need a replacement one do i have to downgrade back down to 4.7 or can i leave 5.0 on there. This is a question for sprint and verizon.
I would think that if you install software that was not officially released for your phone and something goes wrong with the phone you will more than likely have a problem..Unofficial software can affect hardware and most defiantly cause hardware failure.
Just reinstall an official os. When I had my windows mobile devices and would flash roms, sometimes I would leave the custom roms on if I was pressed for time, and nothing ever came of it. I guess it wouldn't be Sprint or Verizon who catches that an unofficial os is on the phone, but RIM. But I'm sure they have other things to worry about. Better safe than sorry though.
If you have problems with the phone and need to take it back to the store, you can easily put the original OS back on it in less than a half hour. Not worth the hassle if they catch a leaked OS on the phone.
Its not really that big of deal since most CSR prob dont care, but depends on who you talk to I guess. The best thing to do is if you ever have problems, just downgrade with an official os before you take it in.