I am on a Droid 1 with the latest Android OS, rooted, but with no custom ROM.
The 'best' launcher argument seems to be cyclical as the developers each try to one-up the competition. In addition, each individual's idea of best launcher is based on their device and how they use the device. I say device as this now extends from Android phones to tablets.
No launcher is perfect for everyone. About every two months, I try to re-test each launcher to see which works best for me. I test by loading up each launcher so that each is as close to the same number of apps and widgets, then I try to use it for a couple of days. Remember, to search the app market because every so often there may be a totally new idea, such as recently introduced "Regina" launcher; I like it's 3D aspect, but for me it still needs a few things. Try it, Regina may be perfect for you.
At this time, Go Launcher EX is working best for me. I have virtually no FCs or slowdowns and it is responsive and by adding a few widgets I have what I need. My preference has been Launcher Pro with its built-in widgets, but right now I am experiencing FCs and slowdowns with it, even after entering the terminal command. I am looking forward to trying the the re-written version when it appears.
This is my opinion, most likely yours will vary.