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According to Apple's documentation - http://developer.apple.com/documentation/Carbon/Conceptual/SpotlightQuery/Concepts/QueryFormat.html - it is possible to perform Spotlight searches via the 'mdfind' shell command. Since Apple pre-indexes directories, this could be much faster than the current searching code.
This is massively faster than the built in search code when searching a large directory tree, e.g. using the command line: mdfind string -onlyin folder