As far as the launch control goes, it's just a basic antilag type setup. I have a similar thing setup on my car through the Microtech. Foot flat, induces a missfire, builds maximum boost and limits the rpm to what you set it at. Problem is unless you have extremely grippy tyres, in a RWD it just instantly lights them up (in my case I used to do it while cruising at 60kmh and it would nearly kill me trying to hold it straight). Was fun though.
I just stopped using it because I was to worried about killing the turbo, breaking an oil pump or frying my clutch.