Is there a reason you want a free Launcher?
Is it to try before you purchase or do you just want the most features for free & not planning to purchase one?
I ask because most of the paid Launchers have free versions but require the paid version to unlock alot of the features.
I guess the Launcher that has the most features for free would be GO Launcher but it's far from being the "best" Launcher available.
IMO it's worth paying for a Launcher since it's pretty much among the most important App on your phone & I'd personally recommend:
-Nova
-Launcher7
-SF Launcher
All giving very different looks.
Might not be important to you, but Nova Launcher Prime (paid version) is currently the only Launcher supporting GLOBAL Badge Notifications (those little red #'s on Apps like on iOS) which is very important to me. Here's how-->
http://forums.androidcentral.com/showthread.php?t=199709
Sent from my Nexus 4 using Android Central Forums