If you've just switched to the Mac from Windows, it's very likely that there are several things that you miss. One of the things people miss the most is the ability to create a file anywhere on disk with a simple right-click of the mouse.
Sure, you can create a folder, but even creating a simple text file is a strangely complex process that, frankly, doesn't feel very "Mac-like." To easily solve this problem, New! comes to the rescue.
Simply put, New! is a Contextual Menu Item (CMI) for Mac OS X Leopard, that allows you to create new documents from a list of document templates that you define.