The Launch Control functions as a fixed lowering utility, meaning it lowers the height of fork to a set position, and places it into a locked platform mode. To engage it, you just press down on the small red wishbone lever on top of the right fork leg, and give a good push down on the fork, and it becomes a 110-120mm locked fork.
To disengage the lockout, either pull up on the lever or push down hard on the fork, and it will return to its normal full travel. It has a threshold adjustment, which senses the amount of force required for the Launch Controls disengagement, and it works either when you are manually causing the disengagement or when you hit a large bump while it is locked. There is a small black wheel underneath the red wishbone lever that you use to adjust the threshold. I used it on several smoother trails, and it works like a charm. In fact, I had to change my body English slightly, as I was putting too much weight on the front end of the bike, which is usually needed to keep the front end down on steep climbs. I can see this being a very useful function on long steep climbs.
The rebound is on the same lever as the Launch Control. It is extremely easy to set, you just swing the un-notched red wishbone through around 90 degrees of adjustment. It can also can get accidentally adjusted since the lever just sits up on top of the fork, and bushes or yourself can hit the wishbone, and move it out of place. Not the most carefully thought out system, but fortunately it only gets out of whack by a small amount. Perhaps if the lever was notched it might prevent this?
The DT Swiss uses a carbon hollowed out reverse arch, which is stiff, light and very pretty. Much like Manitou forks, the reverse arch provides the greatest torsional stiffness possible for a given weight, and allows for an arch that is shorter and stiffer than traditional designs.