Before you jump to conclusions, this is not a "launcher" like ADW or Launcher Pro. Although the title might hint at being that type of app, this is simply a widget that visually and productively helps your launcher. In a nutshell, this application adds a 1x1 widget that almost replaces your folders in a very unique fashion.
This application helps reduce the amount of icons on your home screen and allows you to add many more icons without having to change your launchers dimensions. You can add multiple shortcuts and contacts without ever seeing them (until you open the widget). Personally, the fact that this application is free (full version $1.35) makes it for me.
Most of the features that look appealing, custom icons, different style sliders, and more are only available in the paid full version. When the widget is open, I cannot help but think to tap the widget icon again to close the widget, but when I click it, I am brought to the settings. If you do not click "back" when exiting this widget, the circle of icons appear with the list of settings behind them.
This application is defiantly worth trying out, although if you are not going to purchase the paid version, this app might not blend (the way you want) into your launcher. Also, this application needs to add some more settings to change what the widget button does after the widget is open. Overall, this app is a great idea and has a few kinks and bugs to work out.