We have covered this topic in past when Windows 7 was released by Microsoft:
Has Microsoft Removed Quick Launch Toolbar in Windows 7?
Windows 7 comes with new feature "Pinned items" which has replaced the good old Quick launch toolbar from Windows 7. Although you can get the Quick Launch toolbar back in Windows 7 using this tutorial.
Recently our active reader "Uewd" found out an interesting thing. Microsoft has also mentioned in Windows help why did they remove Quick Launch toolbar in Windows 7.
1. Click on Start ORB (Start button) and type "What Happened" in search box.

2. Click on the link present in Search results or simply press Enter.
3. It'll open a Help window which will tell you the reason behind removal of Quick Launch toolbar from Windows 7.

Interesting find by Uewd...
Posted by: Vishal Gupta | Categories: Windows 7
John
I prefer quick launch because icons take up half the space and if you shrink the quick launch, you can quickly access multiple apps with a simple drop down.
I setup 2 quick launch containers (second one is a folder of shortcuts). One has regularly used applications, another has a variety of utilities, shortcuts and symbolic links to popular folders such as videos,photos,music,downloads, etc. If I played a lot of games, I would have a 3rd quick launch with game shortcuts. Using this method, I can have access to a huge list of shortcuts 2 clicks away using the space of 2 or 3 pinned applications.
Kyle
^^ how interesting :)...