I have found my (new) favorite Droid ROM and launcher combination: metiCkMod and ADW Launcher.
The metiCkMod ROM is fast and stable. I have not seen a single FC since I flashed it a week ago. If you’re looking for a ROM with a ton of features and bells and whistles, this probably isn’t the ROM for you. I like ChevyNo1’s ROMs and have used them for over a year. SimplyStunning 5.4 came with more bells and whistles than you can imagine or at least more than I need. The only thing I truly miss is the built-in wireless tether. Fortunately we have the Android Market to fill in the blanks. MetiCkMod has been more stable and faster for me. I would definitely recommend it.
As for my new favorite launcher, ADW provides flexibility and stability. I like to have my screens set up with a 5×5 icon grid rather than the standard 4×4. Yes, there are themes for it, but I mostly just enjoy the dock bar, hidden status bar and screen customizations.
The stability and the flexibility without the over-the-top features list makes this the right combination for me.