OK, I'll be up front. I had originally demoed TrueLaunchBar and loved it (it is great software). I made all my menu's in a detailed organised hierarchy (spending quite some time). Then, I happened to stumble on the marvelous FARR, made by Mouser. I ended up not using the launch bar anymore. FARR takes the tedium and manual hard graft out of maintaining hierarches. It also learns and adapts to your computer use. It is minimalist, simple but effective.
Nevertheless, to keep ontopic, here are the features TrueLaunchBar has that were really great:
1) Virtual Folders: I could hook the TLB menus into my previous Start Menu hierarchy. The brilliant thing was when I added shortcuts to TLB, my custom Start Menu sections were updated automatically. Brilliant.
2) Collapsing Seperators: I could drag-n-drop links around and seperate them with titled dividing lines to give visual order. The neat thing is that seperators can be "folded"/"collapsed", so groups of programs I use infrequently didn't obscure more used programs, but a simple click would show them.
3) Recently accessed: a menu comprised of all the links I had recently used. Very useful and a bit of the creamy goodness of FARRs adaptivity in the normally static world of launch bars.
4) I never used this but it sounds very smart — auto-sensing toolbars! Basically, the menu structure can be linked to the active application. So if you are running a text editor, you could have a menu of coding utilities close to hand!!!
5) Aesthetics: Quite simply, it is very flexible in terms of fonts / colours / icons / number of columns / view types. You can get a really visually pleasant interface out out of it!
 It reminds me of when I dropped The Bat as a mail client; brilliant and rich functionality, but based on the flawed model of foldered email management. An much more basic mail client that used a database engine, without bells-n-whistles, won over it because the underlying concept was "better".