Launchers are applications that enable your handheld to interact with installed programs. They present a better graphical display; enable you to run programs off of the Expanded Memory (Many programs are not VFS aware) such as Secure Digital Cards, or Sony Memory Sticks. The launchers make transferring programs from RAM to Expanded Memory easy, and can help create shortcuts that open the programs from the desktop, which are located on the expansion card. You can add pictures to the background, to make your handheld look nothing like the boring Sony or Palm native background. A file manager is part of many launchers making moving, copying, deleting files easy. Some launchers are so powerful that in a sense they can be considered the Palm OS equivalent Windows operating system on an IBM compatible PC.
Pdabuyersguide has got two useful reviews
here and
here
Pdalive also has a review
here
I will comment on a few I have used.
Silverscreen – I used this for 2 years on a Palm M505, was decent, but it takes up too much RAM. The file manager was rather inadequate.
Launcher X – I found way too plain, but has a decent file manager.
YiShow Explorer – Too Cluttered, has got a Windows XP look to it
Zlauncher – The best launcher by far
MegaLauncher – was a decent launcher but also takes up a lot of RAM, lacks file manager.
In short, if you are having trouble with choice, you cannot go wrong with Zlauncher, the developer is very responsive to comments, has frequent updates.