I agree with most of the positive remarks regarding this utility. It's indeed very stable and very useful.
However, with Leopard, Spotlight does much of what LaunchBar does quite well. Command-space to bring up Spotlight, type the first few characters of an app, and hit return. The app launches.

Spotlight does not remember the short character combos that LaunchBar does, but it does what it does pretty well. This makes LaunchBar a bit less unique. Kinda makes me wonder if I need both, and whether I'm willing to have two applications indexing my drive and hogging CPU cycles when one might do.

The help file is lacking. For instance, I wanted to find out about the built in scripts. Where are they? How do I know what scripts are available? I see some examples listed in the help file. Is that all there are? I tried one, and the script failed. I had to edit it to make it work.

Before someone tells me the scripts are located in Application Support (if they are... I've not looked), that's not the point. That info should be in the help file. So, I'm docking one star for that.

I still use LaunchBar for the other features it offers, and I'm glad I own it. It's just not as unique and cool as it used to be before the Leopard enhancements to Spotlight.

Still, it's a pretty excellent utility, and deserves high marks.