The guys at SBSH finally fixed the power-on delay (where the pocket pc freezes for a second or two when you wake your pocket pc up from sleep) in their latest update 2.3.07.
With that fixed, and the memory leak fixed. I must say iLauncher is a fantastic program on the Windows Mobile 5 now.
Here's the link to download the latest update:
http://www.sbsh.net/forums/index.php?showtopic=11061