I use spotlight every day and all the time, it is much faster than having to find the app in the application folder or sort through my hierarchy of documents. The other day I just realized that if you hold down the command key while clicking on an item it will open up the containing folder without launching or opening the actual file. This trick also applies for stacks, as well as anything else that is in your dock.
Personally, I have found this especially useful when trying to remove an app because it is much faster for spotlight to point out the file for me rather than having to browse through a folder. It is also great when you need to pull up some files but don't remember what the name of the folder they are in, and or only remember one of the names from a file in that folder.
