I mainly use LauncherX; I first started using it because it was, and I believe still is, the only launcher program to easily allow a user to define paths on a memory card to display programs - without the use of 'stub' applications. The programs are all integrated, unlike the default launcher, MegaLauncher, and others that seperate out the Memory Card programs and the RAM programs.
I do also use MegaLauncher because of the easy drag-n-drop in the Commander portion of the program.
One of my favorite things about LauncherX is that it is very functional and not cluttered, but also very nice.
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