http://www.corvetteblogger.com/index.cfm/2009/4/26/VIDEO-The-2010-Corvettes-Launch-Control-System-ExplainedTo engage the launch control system, the driver puts the traction control into competitive mode and then pushes the gas pedal to the floor. The system will hold a predetermined RPM based on which engine you have (LS3/LS7/LS9). When the driver quickly releases the clutch, the launch control modulates engine torque 100 times per second to get the best traction.
GM's testing of the system found that just about any driver can achieve very consistent times on par with that of a skilled driver's best efforts.
The best news is that use of the launch control system will not void your warranty - an obvious reference to Nissan's GT-R that until recently had a policy of voiding warranties if the car broke while using their version of launch control. Tadge mentioned this fact several times to the delight of the audience.