The act of typing a single word, as opposed to browsing through menus of categories and programs, saves me at least 10-15 seconds each time I have to access a program. The only icons I keep in the launcher are Chrome, Terminal, Home, Inkscape and Gimp.
Same for documents. Starting Nautilus, clicking through to a bunch of folders, maybe going back a few times if I took the wrong path is significantly slower for me than just typing a keyword and getting maybe 5 or 6 results one of which is the document I was looking for.
I find this is similar to the functionality of the Spotlight search on the Mac which I also enjoyed.