The Xperia Neo V stock launcher displays a 2x2 grid containing the first 4 apps that a folder contains instead of a simple icon. Is there any other launcher that does this or something similar?
This won't help people who are still waiting for their phone to be upgraded, but the stock Ice Cream Sandwich (Android 4) launcher has something similar built in - it shows a cascaded view of the first three icons in the folder.
ADWLauncher EX has this feature as well. It can display either a generic folder icon or a circle with the apps within it much like stock Ice Cream Sandwich.
To change from Folder Icons to the Preview Icons:
Go to your home screen
Hit the Menu Key
Show Contentsis checked