If I were you, i'd give GO launcher a try. ADW and Launcherpro both lag TERRIBLY for me, but I lost all of that by switching to GO launcher. It has all the same features if not more, minus the unbearable lag and redraw that ADW and launcherpro can't seem to figure out how to fix.
Play a jam!
its not the fault of the launcher, but the os killing the launcher for memory. ADW has an option to prevent it from getting killed (system persistant, I think its called) GO launcher might have that option enabled by default, i dunno.
Although that technically might be true, its not entirely true. I used ADW, ADW EX, Launcherpro, and GO launcher with "system persistant" or "keep in memory" option checked on all of those launchers, also with my Ultimate Droid ROM performance settings checked to "keep home in memory." So I had my rom settings and the launcher app's settings checked to keep the launcher in memory, but with ADW, ADW EX, and Launcherpro, I still got lag and force closes, along with some freeze ups quite frequently. When I switched to GO launcher, using the same options selected, I lost all my frequent lag, freezing, and fc's.
Now, I'm not here to sell anyone on GO launcher or whatever, I'm just saying that it works for my phone where the other launchers failed. I'm thinking that the issue might be related to the way the launcher's code is written and how it behaves with my phone.
Here's an example to back this. Just recently, after updating GO launcher, my phone started freezing up and randomly rebooting all the time while using OTHER, unrelated apps. I didn't realize that the issue could be related to the launcher, so I restored a backup from and earlier time. I once again updated all of my apps as I usually do, includiing GO launcher, and after updating all of my apps, the freezing and random reboots continued to happen.
Within the next couple of days, the GO team released another update, saying in the change log that it fixed the issue with lag and freeze ups. Sure enough, when I updated, the issue was no more.
Anyways, my point here is that I think that the launcher could most definitely contribute to lag on the phone. I installed GO launcher on my mom's DX as well, and it fixed her lag.
So I hope this post helps some users experiencing lag. For me, its really frustrating. My recommendation would be to try different launchers until you find one that works well with your phone.
Play a jam!