When KDE 4.2.0 was introduced in /testing, i tested it and found that the shortcut didn't work. I used to use ALT + I (big i) to load OOo Impress, ALT + W to load OOo Writer and ALT + C to load OOo Calc. Those feature were available on KDE 4.2.0, but it's not working. Also, after adding a shortcut, it's very difficult to remove those shortcut.
I'm happy to say that this feature is now working on KDE 4.2.1. I can add as many shortcut as i need just like in KDE 3.5.10. I'm so happy that this feature is back because it saved me time to find the application on the menu list.
For those who wanted to play with it, go to System Settings > Input Actions. There you can right click and choose new Global Shortcut. Pick a shortcut key and also the command/URL to execute and click Apply. So easy