The launcher in Android is like a desktop manager and my preferred one is GO Launcher EX.
With this launcher you can create folders in your app drawer, order apps, resize widgets, use themes and so on.
Very useful the option that removes the black background in the icon label and the 3 view modes in the app drawer (All, Recent, Running).
Only one comment: awesome.
Take a look, it's free:
https://market.android.com/details?id=com.gau.go.launcherex&hl=en
After the installation the application asks you to replace the old default launcher (like "Home 2.2.1" in Froyo etc...). In this way when you restart your phone this launcher is used by default.
Enjoy it!