Launching a product is releasing a product, I seriously wonder how it could possibly interpreted differently.
Launching a product means that your're stepping up the marketing (having parties for developers, starting marketing campaigns and all that) for the product before the release . The actual release usually comes a bit later (usually within a month). If Hyperion actually launching OS4 at CeBit they should be able to release it soon after or they'll be in big trouble. They certainly can't wait till the end of the year, if they will have commited PR suicide.
