I tried LauncherPro, Zeam, ADW, and finally setlled on Go Launcher EX.
Things I like about GoLauncher: customizing the dock, scrollable dock, screen animations, quick and responsive, gestures, resizing widgets.
Things I do'nt like about it: Icons in the app-drawer are HUGE, no way to use the standard app drawer; Dragging apps from the drawer into screens is a cumbersome process.
In the end, the deal-breaker for me is the Running tab of Go Launcher's app drawer. I can easily see all the apps I have running and close the ones I don't need.
On a side-note, does anyone know why adding shortcuts onto the rooted 1.1 home screens doesn't work? How to fix it? I have the same problem regardless of launcher: long-tap the home screen, select Add Shortcut, screen flashes black like it's loading something, then goes back to the home screen.