As they come, LiteStep and EVWM aren't very impressive. Fortunately, being open source, people who have plenty of time program addons that make them much more feature rich and customizeable than explorer. Here are some of the potentially leeter ones.

Desk Folders - Allows you to use the contents of a folder as a "desktop" similar to explorers. Not quite as easy to use, but it has some additional features to make up for it.

Geek Control - A set of !bang commands for thing's that you generally wish you could do with a quick shortcut.

LiteMAN - This addon allows LiteStep to imitate explorer for some programs that need it (ie, installshit).

LSTaskMan - A replacement for the original LiteStep task manager, which frankly sucked.

LSXCommand - This is a clock replacement/command bar. From it you can run programs, open files, open web pages, search almost any search engine. You must have this module!

MidPop - Something for the unix freaks, sets the popup menu to be connected to the middle mouse button like it is on any real OS.

MiniScript - Lets you make batch commands to bind to hotkeys, menu items, etc.

SysVWM - A VWM replacement; it has most of the features of the LS VWM, and them some more new ones. Nice if you want to eliminate the wharf from your desktop.

TrayTasks - The best task manager that I've seen, it places all active tasks in the systray, one less thing for the wharf. The Bomber Monkey recommended configuration says this module, LSXCommand, a good popup menu, and no wharf (maximum space)

X-Mouse - A feature now included in M$ PowerToys, it makes the mouse operate in the same fashion as XWindows, which I consider a double edged sword.

       There are more cool enhancements floating around, but floach.pimpin.net should be able to provide you with all of them. I will update this occasionally, but I really suggest you look there for your needs.