Flat Foot Shifting:
Example Set At: 5500
This means if your throttle position is maxed you can shift at 5500 or higher without lifting your foot off the gas pedal. The AccessPort will activate a minor delay in the engine to allow this to work flawlessly. This option is usually used to assist in drag racing because this allows you to go through your gears with the turbo always spooled... even between shifts.
Launch Control:
Example Set At: 5000
This means if you are in neutral and rev your engine you can go all the way to redline. If you put the car in 1st gear and push the gas pedal all the way down your rev will be stopped at 5,000 rpms and "bounce" just like if you hit the red line. Then you release the clutch and launch the car. Basically what this option is for is to allow you to simply push the pedal to the floor instead of "feathering" the pedal to keep the rev at the desired rpm to launch. The side perk to this is that the launch control not only allows you to launch the car at the desired RPM every time It also allows you to build boost to help launch even harder. I've seen people shave time off there drag times in ridiculous amounts.
Tutorial:
https://www.youtube.com/watch?v=RjNMJVdD9mU