The inevitable has finally happened. Google released Desktop Search today, which indexes and searches Outlook / Outlook Express e-mail, Office documents, Internet Explorer history, and AOL logs.
I am trying it out now, hopefully will be more efficient than Copernic Desktop Search - which seems to spike my CPU very often. It remains to be seen whether it will replace Lookout, however - I definitely like the Outlook integration.
UPDATE: I like the web-based interface. Interesting performance numbers though - 200+ files (some several megabytes) indexed in a matter of seconds. Almost 10 minutes later, only 20 e-mails have been indexed.
UPDATE #2: It seems that after I installed the Google Desktop Search at home, my search folders in Outlook 2003 stopped working. It still works through OWA. Still investigating.