Valet is a new kind of application launcher that brings some interesting innovations to the table. First, upon activation it offers a heads-up display containing application icons, organized into categories of your choosing. This is a rich visual departure from competition like LaunchBar and Quicksilver. Second, Valet is heavy on voice control, though you apparently still need to activate it with a hotkey.
Perhaps most interesting is Valet's ability to also open Windows applications inside of a Parallels virtual machine. That's right: you can create a category containing Windows apps like Internet Explorer, Access or even shortcuts to Control Panel items. Calling these things from Valet will start Parallels, open your virtual machine and fire up the Windows app of your choosing. Does anyone else see the line between OSes getting thinner with new apps like this?
Valet doesn't stop there though; other tricks up its sleeve include Growl support and automatic detection of new apps. If you want to see Valet in action, its developers have put together a nice demo (QuickTime link) of the voice activation and heads-up display features.
Valet is a Universal Binary. Licenses are $25, and volume licensing options are available upon request.