Search and replace tool

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PowerShell

scripting

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I am in the process of searching for an existing tool or writing my own. I've even considered writing it a powerful scripting language; PowerShell comes to mind. If you were to use a powerful script or application; what would it be? Also, command line option is preferred, if possible.

Also, another nice nicety would be able to create a backup of the file prior to making the change.

What I have tried:

gci C:\Projects *.config -recurse | ForEach {
  (Get-Content $_ | ForEach {$_ -replace "old", "new"}) | Set-Content $_ 
}

I want something fast and minimal. Nothing fancy.