I don't agree with thebroz's criticisms. Sure, Spotlight is nice. It's come a really long way and certainly plays an important role in Mac OS X. I use it all the time. But if you think it obsoletes LaunchBar, you're missing the point and probably haven't fully explored what LaunchBar can do.

First off, Spotlight and LaunchBar are not competitors, they're complimentary. Despite some overlap, they're really designed to do very different things. While Spotlight excels at full-content searches of your entire hard drive, LaunchBar excels at adaptable, name-based, abbreviation searches and manipulation of your most frequently-used items.

As for not finding the built-in scripts, have you looked in LaunchBar's Configuration window? They're all listed in there.

I've been using LaunchBar for a couple years now and love its stability, reliability, unobtrusiveness, and versatility. It's a key component in my workflow (along with Spotlight).