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Imho a wicked timesaver!
Just select your objects, run the script, choose a texture and ready
# no HyperShade, just opens up the texture browse dialouge
# + assigns the new material to all objects selected
# + it renames the new material after the textures filename
# + its also useful to simply create a lambert (just esc/cancel dialouge)
# + built in Nebula2 toolkit for Maya-support
Just put it in your scripts folder, and a "createNewLambertWithTex"-command on your shelf or a hotkey. Have Phun!