Actually, I just uninstalled Launcherpro and installed ADW today. I have had Launcherpro for about 3 weeks. At first I was in love as it did greatly improve the speed and customization of my phone. I was even resigned to donating since I liked it so much.
However, after a couple of weeks, I suffered a serious deterioration in performance... lots of forced closes and a seriously obnoxious 5-10 second lag for the home screen to load. I know that doesn't sound that bad, but when your sitting there staring at your phone waiting for it to respond, it just sucks.
saw online in many forums that this was somewhat common, I messed with the settings as others outlined and uninstalled and reinstalled. Thought I might need another week or two to see if the same performance bugs would reoccur, but basically it was the same right off the bat.
So, take that for what its worth. I will see how ADW works for me. Both are free, so it doesn't hurt to explore both.
as for the the original question, I think launcher pro is probably a sliver better (when performing as it should). But, the lag and force closes is not acceptable.