It's a great bit of kit .
Launch Control sets an adjustable artificial rev limit (say 4000 rpm) so when you activate it you put your foot to the floor, the revs stop at 4000 rpm and the boost rises so you're on boost as you launch. Best used with clutches that you can slip though.
Full Throttle Shifting is achievable with the use of a switch on the clutch peddle, and the system just drops the rpm to an adjustable preset level, so you don't lose boost closing the throttle.
Finally, you get free Traction Control with the unit .
Edit - It's easy enough to fit and tweek Steve . You'll be able to do it with some help from the if you get stuck . Like the others have said, you need a laptop to set it up properly, but an old laptop with a serial connector is cheap enough these days .
Also, the system won't save you from stupid mistakes - If your entry speed into a corner is too high, you'll still end up coming off .