I have both ADW and Launcher Pro. I use home switcher to switch between ADW, Launcher Pro and the TW Launcher. I did not notice any significant battery life improvement from one over the others. The battery life seems to be about the same between all three to me.
I like ADW for the following reasons:
1. DROID X theme available in the market
2. Ability to expand and shrink widget size
3. Swipe to get preview of all home screens
What i don't like about ADW:
1. Too many FCs (Force Close)
2. When you select the apps on the homescreen, the color you choose stands out a lot. You will notice it even when you flip through the screens. I would like to see a no press color option
I like Launcher Pro for the following reasons:
1. First and foremost, scrollable dock
2. Dock notifications (not that important but a cool feature to have)
3. Three customizable dock layouts (I have the glass one)
4. Separate memory usage settings (I like the option that prevents force closes)
5. 3D App drawer (not that important but looks cool. They say it is under development and may cause stability issues. But, it is working perfect on my samsung captivate)
What i don't like about Launcher Pro:
1.Occasional Choppy performance
2.No swipe to open previews option (although you can hit the home button while on home screen to get preview of all screens)
3. Don't see any free add-on themes that will go with LauncherPro (may be i am wrong. If someone knows where to get themes i can use with Launcher Pro then please reply to this message)
TWLauncher: this is the samsung touch wiz. I don't hate anything about this. I don't like it too much either. In other words, I don't care!!
Final verdict:
I prefer Launcher Pro over ADW because of one single reason. Force-closures. ADW should fix it. If they fix it, probably i will shift my default home app from Launcher Pro to ADW.
Hope this helps folks.