The support for hi-res icons is long overdue -- good move from Megasoft2000.
In 8-bit mode ML is still the fastest, most responsive, and least "refresh-mad" launcher out there. It suits people like me who don't like ANY waiting or even the slightest hint of lag-time on their PDAs.
In 16-bit mode, ZLauncher equals it in responsiveness, and then some. Once you add a 16-bit hi-res background, performance is similar to ZLauncher. In which case, ML loses out because it cannot come even close to ZLauncher's customisability.
For me, speed wins out. I am running ML in only 8-bit mode, but it sure as heck is the fastest launcher with hi-res icons out there. And performance, get this, is indistinguishable from ML 3.2.2. That alone makes ML 4.1 a contender.