It won't locate music and video by content (!), so it's important to have filenames, ID tags, and so on up-to-date. And expect the preliminary indexing to take 15-30 minutes.
There are at least two other file-search tools. Microsoft Lookout is one, but it appears to require Outlook (not Outlook Express) and .NET to be installed and running. I get the impression from the Web site that it is aimed at email and does other files as an add-on. They also say there is no support - although the download is free.
Google is working on their own Desktop Search, but according to this article it is still in beta. One user's comment:
Google Desktop Search was a huge disappointment given what I've come to expect from Google. It left no less than one-third of my files un-indexed? Why? It supports only Microsoft products almost exclusively. Open Office user? Forget it. To GDS, it's files don't exist. If a file doesn't have a Microsoft suffix (e.g., .doc), it will never be indexed or found. A far better choice is Copernic's Desktop Search application. Many times better than GDS. Faster and customizable. Far superior, in fact.