I really like the concept of this app. iOS's home page is elegant but is failing to meet the demands of constant use of the many functions that have been added over the last few years. An app offering quick access to commonly used functions both of iOS itself and of installed apps is a great idea. Sadly, and largely due to the sandboxed nature of iOS, Launch Center can't really deliver on this promise. Apps are restricted in exactly how they talk to each other (often achieved by use of a third party server and your wifi or 3G connection). Of course, no third party app gets to tinker directly with your settings (with the exclusion perhaps of twitter apps, though I never really played much with iOS' twitter integration beyond the initial setup).
Launch Center would excel if I could actually set it up to toggle Personal Hotspot. Alas all I can do is have it launch the settings interface at the appropriate page - which is essentially as much input as it has with other apps. In some apps this is more useful than others: for example in Mail it can populate recipients, fields and body text and it can launch 'new tweet' directly in your favourite twitter client. The downer is that after you've launched Launch Center itself and chosen your task (especially if this involved scrolling through a list of tasks) then you've saved probably half a tap on average and how often can you see yourself automating an e-mail body?
To toggle Personal Hotspot via Launch Center I really gain nothing except, perhaps, not having to switch home screens.
The app does offer a number of scheduling and alert options, which I think may be where it will win over some users as unlike with reminders it can actually present you with the appropriate app for the task at the scheduled time without your interaction. I really don't have any use for this and suspect that your mileage may vary significantly.