Martin Brinkmann, at the excellent ghacks, has a nice comparison of keyword-powered launchers for windows, and I'm proud to say that my own Find and Run Robot (FARR) gets the recommendation in the end.
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The main idea behind application launchers is to speed up that process. Ideally, all you have to do is enter what you are looking for in the program's interface to load it right from there.
Most launcher apps come with shortcuts that you can press or active to display the frontend on the screen to start issuing your commands.
While most launchers support the basic operations listed above, it is extra features that distinguish them mostly. Some may support web searches for example or to run Windows commands to quickly shutdown the PC.
...While that is the case, it is Find and Run Robot that gets my seal of approval.
