Recs.
Updated
SpecsUpdate
Pros
Pro Support for web based translation
Launchpad makes it easy to translate free open source projects into virtually any language in the world. Users are allowed to start working on translating any project they want just by having a Launchpad account and a web browser. Most of the time they don't have to even join a team to start working and the editor is web based, so there is no need for any special software.
Pro Great bug tracking features
Launchpad is built to be used for open source projects, as such it needs a powerful bug trackers to allow developers who want to contribute to jump right in. Launchpad displays bug statistics (total number of bugs, number of bugs fixed etc...) as well. Bugs can be searched and displayed from every project hosted on Launchpad or for single projects.
Cons
Con The web interface is complicated and hard to use
The Launchpad UI is very outdated and it's not very user friendly. Browsing code is a hassle because everything is a few levels deep.
Unlike other code hosting services, which have an intuitive UI and users can go virtually anywhere from the main view, Launchpad's main view of a repository is a mess. There is a lot of information crammed into and it gets confusing real quick.
Instead of just displaying on the main view the explanation of what a repository is for and links to navigate to other parts of the repo, it also shows almost every information about that repo. This is all crammed into a single view which makes it very disorienting, especially for someone who is not used to Launchpad.