Quote - May be fast, but it doesn't search file contents.

That depends on your indexing options. If you have it at default, Windows Search searches the content of many different filetypes amongs others .txt

It even works across your own local network.; So if you have a share to another windows 7 machine, a query on your own machine onto that share will use the index of the other machine to get the result.

I find it very dependable and fast and use it all the time.