Launchy is one of the first programs I install on a fresh Windows system.
Google Desktop is nice, but for program launching I really think Launchy is more usable and fast.
So, that being said, Lauchy 2.0 was just released. It looks prettier, more polished and more easily configurable.
The only problem I detected so far was that, after a while, it ends up eating lot of memory (130 MB right now, on my laptop). It’s not really a problem for me, since I have 2 GB of RAM and I avoid bloatware, but it’s not normal for a small program like Launchy.
But hey, it’s a point zero release.