Adw Launcher Ex
  • highest level of customization
  • Not ICS exclusive (not sure if it affects performance on ICS)
  • the only launcher I know that can handle HD live wallpapers without scrolling lag.
  • Doesn't show widgets in app drawer

Apex
  • ICS exclusive
  • decent amount of customization
  • can't customize folder icons
  • icon labels disappear if you set desktop grid rows to 8 or higher
  • Shows downloaded apps and widgets in app drawer if rooted and the launcher is installed as a system app

Nova
  • ICS exclusive
  • less customization options than the other 2
  • can customize folder icons
  • icon labels disappear if you set desktop grid rows to 8 or higher
  • background for app drawer is black. Can't make it show the wallpaper
  • most simple and easiest to set up out of the 3
  • Shows widgets in app drawer if rooted. Doesn't require installation as a system app

I used ADW on honeycomb. Now I am using Nova. It would be perfect for me if I could remove the black background in app drawer. I tried apex and it felt too much like a beta, which it is. I will most likely switch to apex when it matures.