I've come to love Launchy -- to the point where I get irritated when it's not installed on a machine I might be working on temporarily.
Unfortunately, when I setup my new machine, I suddenly could not trigger Launchy while using my preferred remote desktop application, visionapp Remote Desktop. I'm not sure if it was my new dual-monitor configuration or Windows 7, but every time I hit Alt+Space it would trigger Launchy on my machine no matter what I did. This was not a problem on XP with a single monitor.
The work-around I found was to change the hotkey combination on the remote machine. I simply changed it to Ctrl+Alt+Space and it worked perfectly! Wish I thought of that sooner!