I like Zeam alot, but there are a few things from ADW that I miss. The good is Zeam is very lightweight. On phone startup using Zeam, I probably have 10-15mb more available memory for app running over ADW. It's very repsonsive and stable with enough options to customize to make it work like you want.
But it does lack dots on the bottom left and right corners for switching between homescreens like ADW has. With Zeam, you either have to flick to scroll or double tap the screen and it will bring up preview windows of each homescreen. I also loved the feature of ADW that prevents background picture scrolling when you changed homescreens. I liked having the same picture on each screen. Zeam has the scrolling background image like most other launchers. If I could find a way to send input to the developer, I'd ask him for this feature.
I think overall I like ADW better because it's more customizable and I really do miss those two features I listed above. Having said that, in the end I have made the permanent switch to Zeam because on an underpowered phone like the Ally, I like having the extra system resources for running apps. The nice thing is, it's so simple to switch back and forth that I can change my mind everyday if I want to.