LaunchBar hasn't been a launcher only for years. Search string stuff, calculations, files/folders,
and to quote their page about the newest version:
Much improved Address Book support
Improved Web Browser support (Firefox History, Camino History)
Multiple selection items
Append Text
Text File Content Browsing
Fast User Switching
Cyberduck support
iTerm support
Lots of new built-in AppleScripts
Extended list of factory search templates
URL commands via x-launchbar URL scheme
More versatile options for opening items
Show in Google Maps
New browsing features
Assign Abbreviation command for assigning custom abbreviations
...
Just get an overview here:
http://www.obdev.at/products/launchbar/features-en.html
(One of the most important features, for me, is that Cmd-H and Cmd-Opt-H actually work for all applications if you install and run LaunchBar (and configure it correctly for that specific feature). Whenever I work on a Mac without LaunchBar, I always hate how certain apps try to take over those basic Mac OS X keyboard shortcuts.)