Looks like LAUNCH.com has gotten gobbled up by Yahoo!. I used to use LAUNCHcast quite often, but in recent months it has had some scaling problems (either that, or our LAN at work is more saturated). They also changed the interface lately and took away the collaborative filtering options where you could add other LAUNCHcast members as DJs and have their musical preferences be merged in with yours.
Hopefully Yahoo! will bring LAUNCHcast back to its former glory. Also, I hope that they remove the restriction that you must use IE + Windows Media Player to listen; after all, Yahoo! has always been the king of multiplatform support (unlike another popular portal we won’t actually name here).