Layout options: Like other launchers, LauncherPro lets you choose how many home screens you want, but it also offers a few other options. Like ADWLauncher, you can choose how many apps shortcuts fit in each row, though you can only do it for the app drawer itself. You can choose to organize apps in five shortcut rows on the home screen though, but that's as far as it goes. If you'd like to, you can also hide icon labels, so you only see icons on the home screen and not the names of the apps below them.
One of LauncherPro's best features, however, is removing apps from the app drawer. Thus, you can hide the crapware that comes with your phone, or hide apps that you want running in the background but don't want cluttering up your drawer. Of course, if you need to edit their settings later on, you can always un-hide them with just a few taps.
Usability options: The dock is the center of attention in LauncherPro, where most of the customizability happens. LauncherPro's dock is scrollable, themeable, and has a few goodies in there that can make your life easier. It features five shortcuts along the bottom instead of the usual two, and you can scroll through multiple docks as well, giving you a total of 15 shortcuts along the bottom of your screen.
LauncherPro also has the usual usability enhancements, like enabling auto-rotation, choosing an action for the home key, and hiding the notification bar. In addition, if you put something like Gmail or Messaging in the dock, you can enable dock badges for those apps, so you know how many unread messages you have in each.
Theming: While you can't theme the entire home screen like in ADW, you can do your fair share of visual customization on the dock. LauncherPro's default icons are white, somewhat transparent versions of Android's original icons, and they look pretty good—but you can also use the default Android icons if you prefer. You can even add your own from your phone's SD card, meaning you can make it look like whatever you want. Furthermore, if LauncherPro doesn't contain an icon for a certain app, you can find LauncherPro-style icons for other apps around the net.
Performance: Despite its remarkable number of features, LauncherPro is fast. If you have a particularly old phone and find it a bit sluggish, you can still turn down some of the extra UI enhancements, but I've found that even with all of them turned on, it's one of the most responsive launchers around. Scrolling through the app drawer is so smooth it's an almost iPhone-like experience, so you can't go wrong if you're looking for good performance.
LauncherPro Market Link
Appbrain Link