pretty much...
there are some programs like the dinarsoft handyswitcher or handylauncher, imo great programs. i use em instead of the phm
also check out this link from in this case "hpc." in addition i would check out pocketpc freewares and those kind of sites for " system tray launcher" or "tray launcher"
Program Launchers
digit3L
...oh and a tip with phm traylaunch...
the only crummy thing about this utility is that you have to manually type the path to the executable or the .lnk (shortcut file). to speed up the process, type the path of the first exe or lnk, and select it with the stylus, and with the keyboard (on the ppc screen) hit the ctrl then the letter c, to copy, then for the next exe you need to assign, type ctrl then v to paste the path. it will save you some time when setting up multiple shortcuts. you probably knew about this, but i thought id mention it.. jd