Looking quickly at the Trebuchet sources on github at
https://github.com/CyanogenMod/android_packages_apps_Trebuchet
They seem to make heavy use of custom layouts.
While purely one example, some of the layout xml's make use of PagedViewGridLayout
which is defined over in the src folder in a file called PagedViewGridLayout.java
public class PagedViewGridLayout extends GridLayout implements Page
GridLayout is in turn a standard Android component - and just by its name seems to be the type of thing you would want for a launcher. Obviously something as complex as current launchers is going to use many varieties and tricks for it's various configurable, interactive panes.
Your basic keys to understanding the sources will be figuring out the hierarchy of the layout xml files (and anything created from code rather than inflated from xml). Then looking through the inheritance hierarchy and mechanisms of the various custom layouts used.