Cool ap.

Yep, highly recommended.

I've been using it for some time now. But since I've installed Vista a couple of days ago, I haven't reinstalled it. Vista offers the same functionality, just press your windowskey & start typing.

But Launchy is more versatile & configurable than Vista's built-in function. So still recommended!

Launchy is a cool app, but Vista's built-in Start Menu search matches it. I switched from Launchy to Keybreeze mainly because it responds faster than Launchy (there's no delay when typing letters or launching things), and Keybreeze has plenty more features -- web searches, controlling itunes and skype, notes, macros, and basic system tools. Keybreeze is worth checking out if you haven't already.

lifehacker.com has many tips on launchy.