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Conversely since implementing it, Google is now using the title and meta description and rankings for the homepage have come back strong.
On the question of serps and the ODP title.
At exactly the same time google started using the ODP title for my site it dropped from 4th to 6th for it's primary keyword which amounted to a loss of 300+ hits a day.
I am fairly certain they were directly related because initially some data centers were using my title and others were using ODP and on the ones that used mine I was 4th and the ones using ODP were 6th so yes it does seem to affect ranking.
Also it appears that piconsulting's experience of seeing google using his title and description again would make sense since google announced that they support the tag now yesterday, presumably they implimented it some time ago and simply didn't announce it till then.
I have gotten confirmation that Google will stop using both the title and description when NOODP is used but I'm not certain about MSN, though I assume that since Google is playing follow the leader that MSN was already doing likewise.