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I don't use Go Launcher right now, but have on a couple phones in the past... Not sure if this is the same thing, but ICS (+Sense?) seems to cause 1 or 2 letters to wrap to the next line on some icons like the attached image, if this is what you are talking about, it is not exclusive to Go Launcher. Haven't really found a solution yet...
For me Go launcher EX had a bug where any customization I did to the dock bar at the bottom would revert back to default on reboot. I now use Holo Launcher Plus (the pay version) and I am very happy with it. All launchers I tried would have at least one bug/quirk that turned me off but Holo is 100% perfect for me.