I use launchy also for running files that i currently work on ( dwgs, max, psds, ... ). Every project of mine has the file "Florplans.dwg" and it is very annoying that I get as first hit file from project that I worked on 3 years ago.

There should be an option to say how Suggestions should be sorted. In my case by Date modified.

It also applys to internet bookmarks where newer should be given back first.