I have tried Zeam, Go Launcher EX, ARC Launcher, Xperia Mini Launcher without corners...In short, different types!
Go Launcher EX it's wonderful, but heavy and full of app being installed if you want a little more complete ... (themes, Notifications, Messages) GO SMS , Go Weather .. all good App, but heavy in my opinion for this phone.
Zeam still needs to be improved ...
Arc Launcher and xperia mini launcher it's nice, but heavy and slow...
Now, I have compared ADW Launcher stock installed in MiniCM7 v2.1.9 and Xperia S launcher mentioned before.
Xperia it's good, nice and simple, but takes up more RAM than ADW, on balance:
- ADW with 5 desktop widgets and 5 = 18 MB
- S Xperia launcher, 4 desktops, no widgets = 20 MB
on my x10 mini pro RAM is important ... if I go down to below 40 MB free, then the phone is not smooth ... so I left ADW.
This is my opinion, nothing more..I use ADW with ICS Theme v10 for Theme Chooser...and it's light, functional and looks good, too.