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My other gripe is that it's not very sensitive to activity. It's only supposed to index if the computer has been idle for at least 5 minutes. It doesn't also follow that. It's extremely obvious when it's running, as the hard drive runs continually and the computer drags to a halt.
I can already see that it's going to be very useful once it's done with the initial index, however. I have well over 100,000 emails, and Outlook is just awful when it comes to searching. It can take 5-10 minutes or more to find stuff. With Google Desktop, it's a fraction of a second.
Google will be accomplishing its main objective with this. I will likely be switching from doing searches primarily with Yahoo to Google just because of the convenience of searching my own items.