It would seem that someone wrote an email client that duplicates much of gmail's functionality (in terms of searching, labels, discussion grouping, etc.).
http://postbox-inc.com/ To be fair, if I were writing an email client, it would be very similar to PostBox (I had written a sqlite + Python backend for email storage, labeling, and indexing a couple summers ago).
Kudos to them for beating me to it. I hope it's actually fast (last time I used Thunderbird...it was a bit slow).