After lots of googling and research.. I came up with a good live wallpaper for Android devices.
Its an animated windows logo configurable for 3 resolution 320*480, 480*800 and 1024*600[Galaxy Tab]. Also frame rate can be set. Try this one and feedback please. I ll make this available in the market soon. Also lots more LWPs comming up...
I will write another blog soon demonstrating how I created this Live Wallpaper. Stay tuned.