The new version of the script is available using the already known link:
This article was written more than one year ago. The information in here might be inaccurate or outdated by now which means if this is an how-to or tutorial it might no longer work. Please remember that while reading the article.
Just a hour after the last update there is something new again at this script. The search time is decreased to only a few seconds on my system. Also with this improvement the CPU load has decreased while the search is running. The second improvement made in version 0.4 is to search more directories. This will recognize more applications, widgets and preferencePanes installed on your system.