I just rooted using Nooter (Thank you!!) and installed Launcher Pro. When I do a long press on a homescreen (within Launcher Pro), I get the standard Android pop-up list to add a shortcut, widget, etc. I can add widgets but I can not add a shortcut. When I press it, the screen blanks for a second and then returns to the home screen I was on.
Open the app drawer and long press the app you want. It will then take you to the home screen and you can place it there. That's the only way I can get them to work. It happens with Zeam and ADW.Launcher as well. Folders also do not work.