I've never been a great fan of live wallpapers to be honest - they eat up your battery life quickly, they don't look that great or interesting. Wait till you try out the Spring Zen Live Wallpaper - a super smooth live wallpaper which not only looks great but performs very well even on my age old Nexus One!
The live wallpaper has a nice 3D-ish look and feel to it - as you swipe your home screens, so does the perspective on the live wallpaper. Did I mention that it is FREE? There's a paid version of it called Spring Zen HD where you have full customization options for the live wallpaper and it only costs a mere $0.99. Try out the free version first and if you like, grab the full version.