I was a big fan of Ruttensoft's original homescreen designer and a version for WM5 has been a long time cooming but it's finally been released!
Homescreen Designer for WM 5.0 for Smartphone
1. What is Homescreen Designer?
With Homescreen Designer, you can design your own powerful Homescreens for Smartphones without any XML-Knowlegde. It's pure What You See Is What You Get!
For more information or to discuss this new application, go HERE.
Thanks to Sven for letting us know!