Launchpad is a good project but still a bad tool. It is buggy, crashy and many features are missing. As a member of a few teams, I'm unable to complete the majority of my tasks and I feel a huge lack of opportunity when tasks could/should be done with Launchpad. Doing the translations of Ubuntu is very painful and not manageable.
This could easily be solved by publishing the Launchpad source code under a free software license like GPL. So everyone would be able to enhance Launchpad, and add more features as fast as our need for an integrated development environment grows.
Besides that, as Ubuntu is 'free and always will be', we expect as soon as possible that Launchpad, an essential tool for Ubuntu developing, should be free too.
Most of the FUD raised about Ubuntu and Canonical (like Mandriva did for instance) are based on the fact of non-free Launchpad, so it should be fixed as soon as possible.
I do know that this is already planned, but a schedule with a deadline should immediately be set, so that Canonical can state clearly to the community the intention of making LP free software.