Developer Robert Kuilman released version 4.0 of his Media Catalog application today (July 7, 2008). Media Catalog makes quick work of cataloguing all of those archive CDs, DVDs, and external hard drives.
While test-drivng Media Catalog, I popped in a few old backup CDs. The application catalogued hundreds of files in a few seconds, then popped the CDs out. You can also drag-and-drop volumes onto the application to add them to the catalog. Searching is extremely fast, and you can use Quick Look to preview documents as long as the original media is mounted.
Kuilman rewrote his indexing code and speed has improved up to 770% over version 3.9. You can try out Media Catalog 4.0 for free (limited to five media), or purchase it for $24.95.