Last night I was playing around with custom launchers on my phone. I have an Android 2.2 based Optimus T, so the onky real thing to gripe about is how the "LG Home" apps draw divides into "Applications" for stuff that came with the phone and "Downloaded" for stuff installed by the user. I hit up Google to learn about the basics and what major players exist; I've heard of a few but tried none. The launcher is basically an app that provides your application draw and "Home screens". Go Launcher Ex, ADW Launcher, and Zeam Launcher are the ones I opted to try. In the end, I settled on Zeam.
Zeam has the feature I wanted most: a sane applications drawer. I don't need the more fancy features of the other two launchers app drawers, and care little about theming. I'm more interested in performance and productivity versus my phones almost-stock launcher. What really makes for a sweet combo' is Zeam's dock. I can place shortcuts in the dock and scroll to the side. I've been doing the same thing with my home screens. It's also convienant to e.g. have Opera Mobile where the Dialer/Phone app usually is: I rarly make voice calls.
Zeam doesn't have many features and the settings are few and self explanitory: it can be configured inside of ten minutes. So far it is simple, stable, and does precicely what I desire and little more. That's all anyone can ask for, oh and it's free :-).