I really like the launchpad as both a performance and compositional tool, and its proved really useful in djing and music workshops. However there are restrictions with it, so below are some of the useful links and solutions i've found along the way.
In its normal form there is a great deal you can do with Launchpad. Basically the session page controls triggering of clips in session view. The user 1 page controls drum rack & is mappable, user 2 page is max for live plugs ins and whatever you want to map, and the mixer page is for ableton mixer. All the basic info is on the novation video tutorials so start with them if you havent already http://www.youtube.com/watch?v=oEhsEu3NnLM&feature=related
In user mode we can learn any parameter to the launchpad, (Remember to turn on the remote button on the input and output of the launchpad in ableton preferences) and here's an example of mapping the ableton cross fader.
The Launchpad outputs notes at maximum velocity which is a real shame, so here's a workaround for limiting note velocity on a launchpad -http://www.novationmusic.com/answerbase/en/article.php?id=540
The launchpad also doesn't light up in user mode 1, but it is possible by following this tutorial.
You can get a lot more functionality out of the launchpad, by getting a 3rd party software. I've tried (and would recommend) two in particular. The first was midi katapult, which was about a tenner, and allows you to customise the launchpad in really useful ways. The main thing i found useful was being able to colour the pads, and once i'd got my head around the programming method - which is actually really simple - I progammed the launchpad to control all functions on traktor (i used an external mix) which was really effective for cue point triggering and some effects. Theres some good videos on the katapult site, and here's someone using some of its functionality.
2:17am from Chris Hahn
I've since upgraded my dj setup (though i still use it for triggering cue points), so tried it functions with ableton in the studio, but at the tme of writing there were some things that didnt work as i needed them too, (more development is currently in progress though) so i looked for other options, and found this - http://www.nativekontrol.com/LPC-Live.html. For ableton this adds a whole heap of useful controls, and really unleashes loads more potential of the launchpad. Drum rack, step sequencers, and being able to rearrange audio clips on the fly is one of many useful functions and once you get use to its layout (which is set) you can get rid of the mouse and control pretty much all ableton functions. Its also cool as it allows you to use normal launchpad functions too.
So thats about where im at with the launchpad. If you find any really useful tips or tricks or have any feedback i'l love to hear them in the comments below.