Only for people who memorize application names. I bet you feel fine in front of a CLI, too. (Not a knock against, I like Launchy as well.)
Do some time as a tech support, and eventually you'll get a request to help them with "this application, you know, the blue one. With the pictures and stuff?"
Not sure about lunchy, but since it's similar to gnome-do and others - doesn't it search on descriptions or custom aliases too? I never type "thunderbird" for example - it's always "mail" ("ma" actually), or whatever word I associate with the app (this has the added bonus of allowing me to open company's crm via "crap"...)
launchy is great, but since I switched to OS X a few years ago the best replacement I've found is quicksilver. It's free and much more responsive, customizable than spotlight.