With LaunchBar, I can paste the second item on my clipboard history by holding down Cmd and tapping '\' twice.
With Alfred, I have to hit Cmd-\, then reposition to Ctl and hit Ctl-N, then hit Return (or, probably easier, hit Cmd-\, Down-Arrow, then Return). The LaunchBar approach is *much* faster for me, and this is a very common use case for me (actually, this is the only thing I've really used clipboard histories for).
Thanks, love the app. :-)
-kevin