With Launcher 7 you can get Windows Phone 7 UI effects on your Android phone. It gives you quite similar tiles based look with customization features. You can add new tiles and you can add new widgets in those tiles as well. I just gave it try and I am liking it more than any other launcher.
The Launcher 7 requires improvements in their features. Like they should give their own live widgets. Just as Windows Phone 7 has. It drain my battery so fast. So this also need to be fixed.
You can download Launcher 7 from Android Market. They also have ad free version, for that you need to give donation to them.
Update: Version 1.1.1 did a great job. No more battery consumption. I updated from 1.x.26 to 1.1. And good battery management.