I've been using Simple Launcher on my N810 with minimal problems. As already mentioned, no transperancy but like Saturn I just place it at the bottom

As for not launching of incorrect apps, I have seen that but only with what ever app is located to the far right of the SL bar. Whenever I would attempt to launch that far right app, the far left app on my bar would launch instead. As a work around, I just stuck an extra app in the far right position that I don't need to launch :P

Would really like to see this app updated officially for OS2008