Looks like a great product to me. One of google’s main revenue streams is google search on company networks (knowledge management, etc).
It’s interesting their giving away this similar application, albeit domestic level rather than enterprise level, for free.
Not quite sure whether I like the web-based interface though, as it requires access on a particular port (mine’s 4664, I assume this is a constant, and the same on all installs?). Could be a security nightmare, allowing people to search for files on your computer if the port is accessible from locations other than localhost.