For the one of our Web Property, I have "Manage Properties and Manage Environments" rights.
On the Rules tab, the Add Rule link is grayed out and, on the Data Element tab, the Add Data Element link is grayed out. But it isn't obvious that the links are grayed out because of my rights. Also, it feels like I can do quite a bit in the Extension tab even though I don't have rights to it.
If I didn't know better, I would feel like Launch is broken -- remember, the email that is sent saying I have access to Launch doesn't tell me what rights I have.
When I click on the Rules, Data Elements, Extensions, and Publishing tabs, it would be nice to see a message that says something along the lines of "You do not have rights to this feature. If you feel you are receiving this message in error, please reach out to an administrator of Launch: <<insert names here>>."