I used both launcherpro and adw.launcher
both are pretty good and smooth. launcherpro would force close on me though. another plus to both is when you hit the home button on the moto Droid and you can see all of your screens (can set to 3, 5, or 7). launcherpro has shortcuts at the bottom where adw doesn't. but they're both good. beuatiful widgets is also a great add on like kroman said. also with adw you can pinch the screen (make it smaller) your on to see previews of all of your screens.