Ooook I guess I'll bite - why would I want a 3rd party app to do something like search google or send an email? It's just as many taps away in the native apps.
Searching google:
Home button. Home button again to get to first page. Again to get to spotlight. Type search. Wait a bit. Tap Google.
or...
Launch safari. Wait a bit. Tap search bar. Wait a bit. Clear what's there. Type. Search.
or...
Launch this app. Tap google search. Tap query. Go. No waiting.
Speed dial someone:
Find and launch phone app. Wait a bit. Choose favorites or contacts. Dial.
or...
Launch this app, tap shortcut to your contact.
Here's another nice use case. If you have something in the clipboard you want to pass to Waze (maybe in an e-mail, or maybe something you found in Google Maps), this app is perfect. Copy the address, Launch Launcher, click the shortcut, and waze launches with a search for what was in the clipboard. Without this app you wait for Waze to launch, swipe to navigate, tap to search, tap again, paste, go. And if you're moving you have to dismiss the "passenger" warning. Genuine time saver.
If you think it's stupid, then it's stupid. The time I spend tweaking it will almost certainly be more than the time I save using it, but I still like it. Frankly it's a reminder of the kind of thing Apple should be doing to improve springboard, which admittedly pales in comparison to the sort of cleverness you see on the Android home screen.
maybe it needs to be in a new thread but i'd love to hear about what functions/shortcuts other users have created.
right now i'm trying to figure out some custom URL's like foursquare check in, facebook status update etc.
So far the only luck is entering them as web shortcuts, downside is you may need to keep entering your password. I did add google calendar new event, facebook post so far.
I think this thread is as good as any.
Here's how I set up a spring-loaded phone menu. It has members of my immediate family, plus quick access to my contacts and a dialpad, in one screen.

And the way it lets you choose between multiple numbers in a contact is nice too (forgive the lame example).

I wasn't an owner of the original app, and I'd be a little bummed if I had been. So it goes; their explanation (and later acknowledgement of a bungled process) sounds plausible to me. I'm eager to see what they have cooking next. A database of apps and the kinds of parameters they accept via URL would be most awesome.