Hi guys,
I installed Lineage OS (which is the successor of Cyanogen Mod) on the Raspberry Pi, as there is a version in the works.
So far the OS is pretty buggy: tends to disconnect itself and navigating some options have the Pi restart.
Experience is slow, bootup time is long. It will only support SD output no HD output due to lack of GPU support.
I installed Xibo for Android on it and had it run for a few hours.
Images play fine. Videos have to be SD resolution max, or image will lag while sound will continue playing normal. Anything above 10Mbits/s will pretty much stop still.
More in-depth tests are needed, but for images and SD videos, it actually worked flawlessly for a few hours.
As the OS should improve, and is anyway the sturdiest Android alternative for Rpi to be expected IMO, it might make the Rpi a viable player for simple, ultra low cost signage that doesn’t need HD.
Just to let you know, if more people want to try and give further feedback, or have tie with the Lineage community, things could go the right way 
(Though it is maddening that, with proper GPU acceleration like in omxplayer, DS would be a breeze for the raspberry and it would prove a top notch device for this usage ; but that said implementation is a complete mess).