I've been using the free version of LauncherPro Plus. I've been noticing lately at least on SS 5.3/5.4 that it's a bit laggy and quite often when I turn the screen on I'll see the dock and then either half my screen with the rest black, all black, or some small bit in the middle. I suspect part of that is waiting for SetCPU to ramp up (using the Interactive governor right now) from my screen off profile of 250/400 to the on profile of 250/800. It doesn't explain the lag when using the phone though. The biggest place I notice it is the "sense style" homescreen previews which have been a feature forever, or just pressing home to get out of an app.
So I'm just wondering what others are using with success. I thought about ADW but the one that comes with SS and is in the market hasn't been updated in 6+ months. ADW EX doesn't have a free version and I don't want to pay and find out I don't like it.