I just ran across this today on Addictive Tips. I like that it doesn't need to run in the background. One thing I noticed with Everything, I would get results that didn't show new files I knew were on the system. Then I'd have to manually bump up memory usage. I didn't get any indication from the app that it needed more ram. I just noticed after awhile something wasn't right.
This seems a bit slower, which is expected since it's not running in background. One thing I like is it will work with my Selector program. If I select a file in Explorer, or highlight text in an editor, or copy text to the clipboard, then launch UltraSearch via Selector, it comes up with the selection as search term. I like the simple design. The programmer wasted time creating htmlhelp .chm file when you really don't need it with this. But it is nice to see a freeware that comes with some kind of help file.
I've just put it on both Windows Seven and Vista machines and turned off Everything. I'll see how it goes.