Maybe I'm just too oldschool and used to racing with traditional V8's, but a "launch control" operates a transbrake so that auto trannies can rev up into the powerband for a good launch. Never heard of a transbrake being used on a Honda...
Also, if you're racing at a local track, certain race classes don't allow this to be used. As for street use, there's not much point in it unless you're playing "red-light racer" all the time