It's really snappy, unlike every other alternative I've tried, and has some good base capabilities, but the extensions store (and how easy they are to write) is the killer feature.
Asking as a long time Alfred user. I've looked at Raycast, but can't really figure out what it does that Alfred doesn't.
The UX is just nice, and there's lots of little things to like. Result context menus, quick configuration changes, system control, window management, etc. I can type things into Raycast and can reasonably expect something nice to be suggested, e.g. "pi * 6", "1 month", "1 month from now", "sleep displays", "left half", "schedule", the list goes on.
I'd suggest trying it for a day. If you don't like it, switch back.
I use Dropbox to sync my Alfred setup (Config, workflows and related files) between 3-4 computers and paying $8/month just for that is a complete no-go.
Config is stored at ~/Library/Preferences/com.raycast.macos.plist
Everything else is at ~/Library/Application Support/com.raycast.macos
It's also extensible. For example there's a very useful add-on workflow [0] that makes it really quick to open up the next Zoom meeting you have scheduled in your calendar.
'rpg <autofilled list of games>' opens up roll20 for a specific game + a bunch of PDF rule books related to it
'gg <name of service on my own network>' opens the web page for that service or a directory on my NAS
I can look up and copy any emoji by typing 'emoji <part of the name>' and press enter to copy it to my clipboard
Bunch of small things that take 10-15 minutes to set up and then just work forever without any intervention
1) File system browser: I just type "/" and can start navigating anywhere
2) Google search without opening a browser first
2) Workflow to toggle dark and light mode just by typing "dark".
3) On Ventura, I use Alfred to search System Settings, because the System Settings app itself is trash.