Can anyone make recommendations? I used to use Launchy back in the XP days, but I don't know if there are better alternatives now.
Why not Windows Search?
It has been there since Vista and has been refined even more in Windows 7. By just pressing the "Windows" key on your keyboard, you can instantly start searching your Start Menu and your entire computer. The best thing about it is that it is built in, and is available in every Explorer window.
Try Executor. The only Windows 7 issue I've found so far is that it doesn't index control panel items properly, other than that it's perfect. The developer is working on Windows 7 compatibility apparently so expect it fixed soon as well.
I was a Launchy fan until I ran across FARR (Find And Run Robot). On the upside, it is extremely powerful, has lots of features and lots of plug-ins (including an "Everything" plug-in), a great support forum and community, and a friendly and responsive developer. The only downside is that it sacrifices some simplicity for its feature-set, but (personally) the trade off is WELL worth it if you don't mind spending a few minutes tweaking it. Been running it on Win 7 for a few months now and it's working well.