I'd like to add some details:
Agent Ransack / File Locator Light takes, on my system, about 2 minutes for finding things in a folder with several hundred files with more than 1 GB altogether. This is a very long time, from a subjective pov.
But then, I've got hundreds of outliner files that can NOT be searched by the major search tools, and even for Ultra Recall users, AR/FLL/FLPro (which for 39 bucks adds some more Boolean functionality, etc.) is of high interest since UR doesn't have multi-file search (because their philosophy is, "have it all in one big file", and there, search is top-notch).
It even searches for accented characters that are encoded in the form \'ep or \'aj, i.e. if I need to find files with such characters, I enter the term hélène in this form h\'efl\'edne (just an example) in File Locator (you could do this by macro automatically replacing special chars in your search terms), and it will not only really find these files (no wrong "hits", no overlooked occurences, as far as I can tell after some years of use)
but it will also give you the respective contexts of the terms found (multiple for a file if there are multiple hits).
Thus: For normal usage, a "real", indexing, search tool, like X1, is certainly best. But have a look at File Locator whenever you have special needs, it could save your day.
In general, if you have special files to search, don't read the "covered file formats" lists of the different progs, but download all of the available tools and trial them one by one, for / with your special files: Often, the developers themselves do not know what file formats their tools do recognize by accident.