Elementary team has come up with their own application menu called slingshot which provides a pleasing and simple to use interface for browsing installed applications on your system.
Slingshot has not finished yet and is under heavy development but even at this stage it looks quite nice.
To install slingshot, run following commands:
sudo add-apt-repository ppa:elementaryart/elementary-dev
sudo apt-get update
sudo apt-get install slingshot-launcher