Not sure how if the previous versions did this, but this version seems to have really great integration with my Firefox bookmarks (including my quick searches). It also seems faster using the ever reliable gut-feel measurement, and now supports Vista (the previous version didn’t play to well with Vista). I have to agree with the release notes that state “It’s just better”.
Quick warning: the new version is incompatible with your old plugins, skins and settings, so installing 2.0 will reset Launchy to factory-defaults.
If you weren’t using Launchy before, I seriously recommend you start now. It’s awesome. It’s free. What more could you ask for?