German developer Cryptophon (fredvj) has been working on porting CM9 to the Huawei u8860, and it is now nearly all working. I have been using it for the last week or so and it's pretty stable (a lot more so than ShenduOS/MIUI).
To get the latest version you can build it from source as per the instructions here: https://github.com/f...-source---Linux
There is also a link to a slightly older but still working prebuilt version on the same page:
It uses the GB baseband (404020) so you need to install Huawei's official gingerbread version, then CWM, then flash this.
Everything pretty much works (or at least I can't think of anything that doesn't ). Some screenshots attached.
Important: This is not my work, all credit should be given to fredvj.