Umm, I'm going to jump in the FARR looks bashing bandwagon! (Wahey!)
Armadawn is right regarding looks. Skins sometimes doesn't look like part of the interface (that is, not native) but a bit 'hacked' onto it. 'slender' skin, for example, looks good most of the time, and the transparencies sure help, but some of the other skins doesn't look very nice when you compare FARR against other launchers or skinned apps. Other thing that bothers me is that the skinned interface also extends to other parts of the app, like the 'About' box and the 'Customize toolbar' panel, where, sadly, some skinned buttons look like crap.
Another thing regarding looks is icons. The two icons in the 'launch' window are shouting "redesign me!", as they're envious of the nice tray icon designed by Hamradio (now that's a welcome change). Those search icons also demand higher resolution versions.
I know that most of you demand responsive software, but it's a fact that good looking (heck, even amazing looking) is compatible with performance (XMPlay coming to mind). I have the feeling that, somehow, C++ Builder is a obstacle in this, but could be easily overcome (mouser, change to Qt and release FARR source under the GPL immediately!!

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Something should be done with the 'Preferences' panel as well, it's flooding with options, but so far, I didn't devise a possible solution.
Perhaps all of this (FARR looks) should be discussed in a separate thread, as this one was, originally, about another launcher. And it's possible that all of these ideas should be disccussed towards FARR 3, as FARR 2 release is imminent? (hey, look, we're like Apple zealots, talking about the next big thing, when the former one wasn't released

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*mouser bans user 'Lashiec' permanently*