I've been playing around quite a bit with modifying the launcher over the last few days. I think I've arrived at one I'm happy with. I figured I would share it here with you all since I get so much from this forum.
My instructions are going to be somewhat limited, as I tend to use Root Explorer for most of my operations. I know that there are probably simpler methods using ADB. The user interface of Root Explorer works well for me - YMMV.
Please note that I made this using the launcher.apk that came with Bugless Beast 2.1 v.05. If you are using something else I strongly recommend that you simply "steal" the modified png files from this and put them in your own launcher.apk. If someone with more wisdom than I would like to comment on this, please feel free. I do not know enough to tell you what might non-graphical files might be different from those in the launcher you currently are using.
If someone wants to point me in the direction of a better way to distribute these graphic-only changes, please feel free to reply here or PM me. I have stayed away from MetaMorph simply because I have read of difficulties using metamorph themes across the various ROMs (ERE, ESE, etc) that are floating around.
To install using the method that I did, you will need to do the following.
1) Copy your original launcher.apk located in the system/app folder.
2) Paste it on your sd card somewhere so you can restore it later.
3) Download the launcher.apk.zip attached to this post.
4) Put it somewhere on your sd card OTHER than where you saved the copy of the original.
5) Rename the launcher.apk.zip and simply remove the ".zip" from the end of the filename. DO NOT INSTALL AS AN APK.
6) Copy the new launcher.apk.
7) Navigate to system/app in Root Explorer.
8) Click on Mount R/W
10) Choose yes to replace the file.
11) IMPORTANT - change the permissions of the just-pasted launcher to match that shown in the image below.
12) Click on Mount R/O
15) Comment back here and tell me what you think.
I made the transparency just enough that the launch will be slightly influenced by the color of your wallpaper.
I have taken several screenshots. See below.
THIS IS THE PERMISSION LEVEL REQUIRED FOR THE LAUNCHER.
More will probably come if there is interest.