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Launchpad is a free and open source software incubator site administered by Canonical (the company behind Ubuntu). It offers free distributed version control in the form of Git and Bazaar repositories, continuous integration, artifact distribution and localization (translation) management to any project that meets the Open Source Initiative's definition of free software.
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 Integrated build/deployment system
If you use launchpad, it gives you a build system (on their platform) as well as easier deployment - user merely adds your PPA to their sources.list file. Deployment (on Ubuntu, at least - other debians as well) doesn't get simpler than this.
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
Other project hosts such as GitHub, BitBucket or GitLab have easy, simplistic UIs that help new and experienced developers alike to browse code right through the browser. LaunchPad on the other hand is very weak at this. Most of the projects have poor (if any) documentation and no way to determine a project's worth easily. The fastest way to do so with LaunchPad would be to download the project and look through the code manually, which is quite tiresome.
Con Abandonware
Though Canonical has acknowledged the site's many shortcomings, they've expressed a clear position that they consider the site's existence an act of generosity and not an investment in a community or brand. This explains why the site has received no material improvements in well over a decade and why they are not likely to occur in the future, either.