I use multiple Eclipse workspaces - one for fun, another for trying out little ideas, and the majority of them for work related stuff on different Eclipse installs (3.0-3.3 milestones). The most convenient way to do this till now has been to use multiple shortcuts with different paths to Eclipse and different ‘-data’ parameters. However the large number of such shortcuts recently began to annoy me, and the next solution was to simply put them in a folder. Again, a folder has the problem that it looks like just another folder and is not as visually easy to find, so I changed the icon of the folder to show an Eclipse icon. The problem with just having an Eclipse icon is that then when even one Eclipse workbenches is running then the open Eclipse shortcut folder becomes indistinguishable from them.

The final solution I have settled on is to put all the shortcuts in a folder, with the icon being a mix of a folder icon and an Eclipse icon. Below are two icons that I made (I prefer the first one).

Bigger/External Eclipse Icon [.ico file]:

Smaller/Internal Eclipse Icon [.ico file]:

Feel free to use them. If you do try to improve on them, I used two apps: @icon sushi and IcoFX - they are both free and had complemented each other fairly well.