First of all i did not intend to be offensive! I truly believe Locate32 is better (for me at least).
Second: Locate32 is built around the same idea - searching a database created by indexing files, so the search results are also shown instantly (even progressively "as you type").
Advantages for using Locate32:
-indexes also Fat32 volumes (most USB flash drives), CD's, DVD's etc;
-ability to work with multiple databases;
-command line version;
-can be used with a Find And Run Robot plug-in;
-can be used as keyword for Executor;
-can be also made portable;
-ability to search files by size, date, type etc.
-can search only for files, only for folders or both;
-can search files content;
-ability to backup the database;
-calculates MD5 sums so you can find duplicate files;
-ability to not show hidden and system files;
-one can set another file manager than Explorer to open folders;
-custom system tray icon;
-can save results;
-many more that i surely overlooked.
Advantages for Everything:
-it's damn fast, so i'll keep it around and treat it as Locate32's little brother