Just out of interest, you are turning the power off after checking the throttle profile aren't you?
Otherwise you'll still be in throttle profile mode and the next press of the button will shift it on one position.
I do agree with you about the timings though, but just forget the time and wait for the beep so:
Turn off, turn on, press and hold setup button, first beep = throttle profile
Turn off, turn on, press and hold setup button, don't let off for the first beep, then second beep = brake profile
Once you set any profile, turn the ESC off and on again.
The launch control definately works, it was quite funny on Sunday because I found myself turning it on in qualifying and just 3 metres after the start line was a chicane and a hairpin. I had a nightmare getting the car round it with only 100% power at my finger tips
