I use LauncherPro Plus (LPP) and I feel safe in saying that unless a developer out there creates a new launcher with all of LPP's features but adds more features LPP doesn't have (like the ability to lock the home screens, the ability to rearrange the app drawer, etc) I'll continue to use LPP and LPP only. Yes, there ARE other launchers out there that offer the above abilities, but they lack other features that LPP has that I just can't live without. The only features LauncherPro Plus has that make it different from the free version, LauncherPro, is launcher specific widgets and the ability to resize widgets. However, I'm sure you can find widgets in the market similar to the LPP widgets. Also, it used to be the only way to get LPP was to purchase thru PayPal since Google Checkout wasn't available in the country the developer lives. That's not so anymore, and you can now buy the full version of LPP in the Android market! It costs $3, which isn't a lot of money at all. I don't use the Plus features but I love the launcher so much I purchased it anyways to support the dev.
All that being said, here are the launchers I've tried and why I prefer LPP over them. What's written below is just my opinion and, as always, the choice of a home replacement is ultimately up to the user and what fits their needs and preferences:
-GO Launcher EX (Free): An amazing launcher but I experienced a lot of lag that isn't present with LPP. There are also some key features that are a must have for me that this launcher doesn't offer (the ability to hide apps from the app drawer being the main one, as I've found hiding apps from the app drawer speeds up my phone quite a bit). Also, I use custom app icons on all of my home screens and for some reason, every time I rebooted my phone, half of my custom app icons would revert to their default icon.
-HeLauncher (Free): A simple launcher, but to simple for my tastes. I'm a bit obsessive when it comes to customizing my Android and the only customization options with this launcher are pre-loaded docks. This wouldn't be so bad if you were able to change what actions are on the dock, but you can't. You're stuck with what the developer gives you.
-ADW Launcher (Free) & ADW Launcher EX (Paid): Tried both, dislike both. They're way to laggy and now seem to be ignored by the developer. There's just to many bugs in these launchers for them to be considered an ideal home replacement. I definitely don't recommend either version of ADW.
-Open Home (Free) & Open Home Plus (Paid): Pretty much the same as ADW, although developer attention is better.
-Panda Home (Free): Uninstalled this after 20 minutes of using it. The custom themes offered don't make up for how awful this launcher is.
There are more home replacement apps offered on the market, such as Crazy Home, but I haven't tried those so I don't feel I have the right to comment on them. I'm sure you can find information online about the ones I haven't listed.
As a final note, I also want to say that if you like to customize your phone (I'm obsessed with customization, lol) most font and icon packs available on the market are compatible with LauncherPro and LauncherPro Plus. I'm currently using Tha Icon: Dark Gray by Onymous Heroes as my custom icon pack and the Windows Font Pack by Better Android. Be aware, though, that *some* icon packs (such as the one I listed and use) require the use of the app Better Cut to apply them to your home screens. Better Cut is $2, extremely easy to use, and well worth the price. Better Cut is NOT required to use LauncherPro or LauncherPro Plus. It's a separate program for customizing app icons and other actions on your phone. I use the font pack with GO SMS Pro and my custom keyboard, Better Keyboard (paid version) by Better Android.
I hope my post helps you in your search for a home replacement app. Good luck!