Ive been using Launcher Pro on my Droid X for a long time. No problems, fast and feature rich!
My coworker has a Droid 1. He, like others, has a lag issue. When pressing the home button he experiences a 15 second delay.
Yesterday we both installed GO Launcher EX. IT is a full feature launcher having most of the features as Launcher Pro. My coworker does have any lag with GO Launcher EX.
SO, if you like the features of Launcher Pro but are having issues with it you may want to try GO Launcher EX