It works outside of git repositories and is faster than grep or awk.
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Especially helpful in emacs with projectile (which has a function projectile-ag). Create a quick binding to locate all the FIXMES and feel free to experiment. Maybe it should also open file and mark the lines in a new frame for ultimate bug squashing...
It's noticeably faster than grep but I would say, in my experience anyways, only academically faster than ack. Both are so fast I can't really notice a difference when scanning my massive codebase.