Sure, it does a nice job too.
I really don't understand the whining about Spotlight. I've got Easyfind and MoRU and they've got their uses but for me Spotlight is the fastest way to find stuff. I also use it a lot to launch apps I don't use often enough to give them a place in the Dock.
Command-Space, a few keystrokes and a second or so later I can launch the app.