Sounds like an interesting tool - too bad the author doesn't release source. It could be pretty useful adding this feature as an additional way of indexing files, it's pretty blazing fast
Wouldn't use it as the only way of searching though, since it's limited to NTFS, and might break if NTFS version is updated.
EDIT: mouser, the app shows folders as well, so while the description makes it sound "flat", it really isn't