Problem with Launchy for this situation would be keyword launching. In OS X, I can choose an app, hit "Get Info", and type in keywords into the Spotlight comments. Then Spotlight or Quicksilver will show the app if I type in the keyword.

For example, if I wanted to launch Cyberduck by keying in FTP, I would hit Command-Space, type Cyberduck, hit Command-I and type FTP in the comments.