Lifehacker just posted about the release of Launchy 1.0, a launching application that now does a whole lot more. I've used Launchy in the past, and it's a great program. With the quick searches, the ability to navigate through Explorer, and the ability to extend through plug-ins, this could be the app I've been looking for.
I've also been using AutoHotKey extensively lately ... while not exactly a launcher, this little app can do so much. I've programmed keys to launch my most commonly used apps, like Firefox or Money or AbiWord, as well as my most frequently used websites, like Gmail, Tracks, Google Reader, Gcal, my bank, this blog and more.
But there's much more to AHK: you can program any key combination to do anything: I have key combinations to quickly type my most commonly used signatures (multiple sigs for work and personal), to type my most commonly used phrases, to launch my most common folders, and more. The more you use it, the more useful it becomes.
And ultimately, the more time it saves. Which leaves me time to do other things, like working on my goals.