I installed Launchy after a fresh reinstall of Windows 7 x64 Ultimate.
When I use Launchy on my Windows user account, it has major problems, however it works fine on another user account.
Launchy does not index the locations added to the Catalog on my account. When I search for any of the links in those locations, they do not show up in Launchy.
This bug happens with both current versions of Launchy: 2.5 and 2.6 beta.