Even with search integrated into the Windows 7 start menu, I still find myself using Launchy to start programs and launch shortcuts all the time. The primary reason for me is that it remembers what you launched with a particular text the next time you type it. What this means: if I use Launchy to start "SharePoint Workspaces" with the input "sp", it will put that hit at the top of the list the next time I type "sp". The start menu search will always put "SpeedFan" and "Split/Second" first. Besides performance, this for me is the primary selling point of Launchy over standard Windows functionality.

Another great feature is that you can add arguments to commands by pressing TAB. For instance: if I type "int", Launchy will match this to Internet Explorer. By pressing TAB, you can immediately add a URL that you want to open in this browser. So, grab it from http://www.launchy.net/, install and enjoy!