IDK - I think it's OK for the application launcher to occupy the entire screen, because it's not something you usually keep open. You open it, navigate to whatever you want to launch, pick it - and the the launcher closes. During that entire time your attention is focused on the application launcher, so there is no need for other things to be available and the launcher can occupy as much screen real estate as it needs.
That's ok for some people but I am not one of those people. Any way, your opinion is respected :)
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