FHAMPEL  I haven't tried FastScripts, but I suggest Launchbar instead. FS requires that you memorize a hotkey for each script. I regularly call on 10 or so scripts, but I don't have a hotkey for any of them. LB uses pattern recognition and will learn any number of abbreviations , but it's not ordinarily necessary to write one in advance. So, I named one script "Pipe Mail to Devonthink 7". When I started using it, I hit the LB hotkey and typed "pipe devon 7", and Journler found the script; now I just type "pd7"; "dts" will start "dragthing show background processes'; "tbl" will start the script "Turn BlueTooth on and off"; and so on. The only abbreviation that I had to link up in advance was "Onepassword" ( for "1Password", because if you type a number, Launchbar will start its calculator. However, starting from that, now it's enough to type "op", though I usually type "onep".

The same technology works to launch any application or open any document or folder without a password, but LB does much much more. It may be the single best app I own.  
(Version 2.4)

ATTENTIONWANDERED  with "spark", or "quicksilver" even, you can assign hotkeys to scripts

plus there is already an applescript menu (ive read the description, this is no different) but if that isnt good enough for you, Folderglance lets you assign any folder to your context menu.  
(Version 2.3.1)

TERRORBITE  I just love this. I know I'd miss it already if it wasn't there.   
(Version 1.1.2)

ROB J  FastScripts has already overcome the features, implementation and execution speed of Apple's script menu. The developer is very responsive to feedback and has demonstrated his desire to improve FastScripts with timely updates and new features. I urge everyone who finds this software useful to support its continued development by paying the more than reasonable registration fee.  
(Version 1.1.1)