Not much love for Trebuchet, but I still like it the most. The problem I usually have with changing launchers is that I can always tell that they aren't stock, especially with Apex or Nova. They just feel... different. I don't know how to explain it. That's why I always stuck with the stock launcher in Gingerbread. With Trebuchet, it's the closest you can get to the stock launcher and still have extra features. I tried both Nova and Apex; Nova I didn't like specifically because it didn't have the Tablet page transitions that Trebuchet has. I don't remember if Apex did, but I still ended up back to Trebuchet.
As for theming, I don't really use custom icons, and so right now the inability to theme in Trebuchet is fine with me. Eventually, I'm hoping, they add in this functionality. After all, it is an Alpha and they did leave placeholders in the Trebuchet menu for this.