GCOGHILL Umm, most of the features here are built in to OS X and have been for some time now. Recently used apps & docs? Check "recent Items" in the Apple menu. Easy access to favorite stuff? Try using the Finder's Sidebar. Drag something in there. Current item path? Control-click the name on the title bar of a Finder window or Document.
I suppose if for some reason you need all this stuff in one place and are willing to pay $27 to do so, then this is not a redundant application.
(Version 2008r3)