I use LPP. I've tried everything else. ADW EX lags just a teensy bit more than LPP for me, as does Go Launcher. To be honest, if it weren't for that, I'd pick Go Launcher, because I like the customization options better. However, I do love LPP's widgets. I'm a bit of a Tweetdeck addict, but the Friends widget is nice being able to see everything rolled into one like that. It does have a lot of customizations, and recent updates has reduced the lag to nearly zero. I think Go Launcher had the least screen transition lag and the coolest animations for it, but LPP has the best 3D App Drawer.
To be honest, the best Launcher is really AOSP Launcher. The only problem is, you can't add custom shortcuts, and you can't add 5 rows of icons to your homescreens, and these are kind of deal breakers for me. The first thing can be solved with something like desktop visualizer, but the second is just non-negotiable. So much wasted space! I feel like this should be fixed. 4x4 seems so silly. Still, it's hard to beat hardware acceleration.