Now it's out in beta. I'll report on how this goes as soon as I install it. This might make Spotlight really useful for me.
LaunchBar 4Update 11/1: Fabulous. Heavenly. Suddenly Tiger is worth something. The Spotlight syntax now makes sense. I can do phrase searches. I can do Boolean searches. I've removed Spotlight's keyboard shortcut and assigned the Spotlight Windows shortcut to F2. Launchbar again owns the cmd-spacebar key.
LaunchBar 4.1b1 is a Mac OS X launcher with drop-down menus, shortcut keyboard access to menu items, and launching of bookmarks, email addresses, files, and applications. This beta release adds new options for opening items, support for color labels, improved iTunes support, improved Address Book support, a Search in Spotlight option, a Look Up in Dictionary option, faster startups, and other changes. LaunchBar is $19.95 for non-commercial use ($39 for business use) for Mac OS X 10.2 through 10.4.