Also keep in mind that the original name is a bit leading (Launch Manager).. Sure, it can launch certain things on button presses (reloading the router, starting/stoping the core, etc) - but the biggest role it plays is doing cleanup when starting or reloading... Things such as running update scrips like UpdateAvailableSerialPorts.sh, StartCoreServices.sh, starting/restarting all children devices, etc. It basically does all the little cleanup work that keeps things running smooth from reload to reload.
Another role the old Launch Manager played was to keep the user informed of what was going on while waiting for a bootup, reload or regen process. Thats what the separate clients are for now...