For a launcher, I use AnotherLauncher. It's infinitely configurable, so I can put hot applications at the top level and then organize applications by directories in submenus below that. It also works as a switcher, though not as convenient a one as the Dock... so I use each tool for what it's best at.

What I miss from Windowmaker is the ability to have multiple desktops and per-desktop docks. Mac OS X has the (hidden) ability to support multiple desktopss, but switching the dock involves restarting it and that's just too time-consuming for my poor little Frankenmac.

What I wish the Dock would do: stay in one place, and keep its icons in one place, and support multiple desktops. Multiple docks would also be handy... ideally, I'd be able to have a dock on the lower right with dock applets and the Trash balanced by a lower left dock with more applets and Home, upper right with mounted volumes, and center bottom with running applications for switching.

Practically, I'd just like to have something that acted like the dock and showed the mounted volumes. It's just too inconvenient to keep them on the desktop, and putting them in the real dock means your dock restarts every time you slot a CD.